Asian Currency Unit


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Asian Currency Unit

A proposed currency basket for the ASEAN + 3 currencies as a precursor to a currency union in East Asia. It is intended to model the European currency unit, which preceded the euro. The countries that would theoretically participate in this are Brunei, Burma, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, South Korea, Thailand, and Vietnam.
References in periodicals archive ?
The Asian Development Bank plans to launch an Asian Currency Unit, a weighted index of a basket of Asian currencies by the first half of this year as a benchmark to monitor moves in the values of currencies in the region, according to senior bank officials.
He also told the Japan National Press Club that his bank plans to launch a notional unit of exchange called Asian Currency Unit, or ACU, as a yardstick to monitor moves in the values of currencies in the region.
He added, "The formation of a regional currency unit such as an Asian currency unit with some mechanism of defending a certain range of exchange rates can be related to the fund.

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