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 topics include transboundary pollution on Hong Kong as a case study of endemic institutional fragility in the face of dynamic economic integration in Asia, a skeptic's view of bilateral and regional trade agreements in Asia, who benefits from East Asian investment treaties in the integration process, and the evolving role of the Asian Development Bank in the creation of an Asian currency unit.
But the ADB and Japanese officials said the bank's plan to launch an Asian Currency Unit, which has drawn keen international interest, is not to top the agenda at the meeting as it still needs to work more on technical details with governments in the region.
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.

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