Asian Currency Unit

Asian Currency Unit

The Asian Currency Unit (ACU) is a proposed weighted index of currencies for ASEAN+3. The ACU was inspired by the now defunct European Currency Unit, replaced by the Euro. The Asian Currency Unit's purpose is to help stabilize the region's financial markets.

ASEAN+3 is composed of the member countries of ASEAN, the People's Republic of China, Japan, and Republic of Korea.

The ACU as it is proposed is a currency basket and not a real currency , i.e., a weighted index of East Asian currencies that will function as a benchmark for regional currency movements.

Asian Development Bank research

The Asian Development Bank is currently reviewing different options concerning the technical aspects related to the ACU calculation, including the nature of the basket, the choice of fixed weights vs. fixed units, the selection of currencies to be included in the basket, the choice of weights, the criteria for their periodical revision, and other aspects as well.

The Asian Development Bank was to announce the details of the ACU in March 2006 or later. However external pressures delayed this announcement although the concept was still being studied in detail [ [http://www.adb.org/AnnualMeeting/2006/EmergingMarkets/em0503-03.asp ADB website: Boost for new monetary scheme - ASEAN+3 finance ministers to back Asian Currency Unit plan] ] . A panel discussion in February 2007 cited technical and political obstacles as having prevented the project from advancing [ [http://search.japantimes.co.jp/cgi-bin/nb20070222d1.html The Japan Times - Japan, South Korea can pull Asia together] ] . The unit, limited to ASEAN+3, was still said to be moving forward by mid-July 2007 [ [http://business.inquirer.net/money/breakingnews/view_article.php?article_id=71800 The Inquirer (Philippines) - Asian currency unit shaping up] ] .

ee also

* Amero
* Euro
* European Currency Unit
* Eco (currency)
* Monetary union
* African Central Bank, proposed central bank for the African Union.
* The Eco, another attempt at an African common currency, within the ECOWAS community.
* The West African CFA franc and Central African CFA franc (C.F.A.), who are exsisting currecy unions in Africa.
* East Caribbean dollar
* Khaleeji
* Afro
* World Currency Unit

References

External links

* [http://www.takungpao.com.hk/news/05/11/07/EF-481029.htm A news report of the ACU] zh icon
* [http://www.vneconomy.com.vn/eng/index.php?param=article&catid=01&id=43b1548514650f Interview with Asian Development Bank representative 24/02/2006]

Navbox
name = Asian Currency Unit
title = Asian Currency Unit
group1 = ASEAN
list1 = Brunei dollar· nowrap| Cambodian riel· nowrap| Indonesian rupiah· nowrap| Lao kip· nowrap| Malaysian ringgit· nowrap| Myanmar kyat· nowrap| Philippine peso· nowrap| Singapore dollar· nowrap| Thai baht· nowrap| Vietnamese đồng
group2 = +3
list2 = Chinese yuan· nowrap| Japanese yen· nowrap| South Korean won
state = autocollapse


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