In 2009 there are a series of ASEAN Plus Three Finance Ministers’ Meetings convened to implement the Chiang Mai Initiative Multilateralisation （CMIM），of which the common acknowledge on establishment of regional foreign exchange pool is regarded as a breakthrough and substantial progress for Chiang Mai Initiative （CMI）. Therefore，it is significant to give a carefully analysis on the following concerns of CMI：how has CMI come into being？What is the bilateral currency swap agreement （BSA）？How has the CMIM evolved？What is the future of CMI？Etc.. With regard to those aspects，the passage conducts a comprehensive analysis and concludes that the future of CMIM will be determined by three kind of questions concerning CMI itself，East Asian financial cooperation，regionalism of finance or the international monetary system.