Against the backdrop of that subprime crisis in the U.S has been deteriorated into a global financial turmoil，East Asian economies face three kinds of financial risks，that is，the reversal capital flow，credit crunch and volatile foreign exchange rate，etc.. The ongoing regional financial cooperation in East Asia stems from the outbreak of 1997-1998 Asian financial crisis，and by now has made progress in regional capital monitoring mechanism，Chiang Mai initiative of bilateral currency swaps and Asian bonds market. Thus，the development of financial cooperation has put East Asian economies in an advantageous position in defense of the global financial turmoil. It should be pointed out that the subprime crisis will bring about new changes and prospect to Asian financial cooperation：from Chiang Mai Initiative to Asian Monetary Fund；Asian bond market will be strengthened with two facilities of CGIM and ACU；Asia’s position in the reform of international monetary system；the position of RMB in East Asia will be enhanced. According counterweight strategy，the path of Asian financial cooperation will be influenced.