Asian Currency Unit
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The Asian Currency Unit (ACU) is a proposed basket of the currencies for ASEAN+3. The ACU is inspired by the now defunct European Currency Unit, which was replaced by the Euro.
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, 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 have delayed this announcement although the concept is still being studied in detail. [1] A panel discussion in February 2007 cited technical and political obstacles as having prevented the project from advancing. [2] The unit, limited to ASEAN+3, was still said to be moving forward by mid-July 2007. [3]
External links
- A news report of the ACU Template:Zh icon
- Interview with Asian Development Bank representative 24/02/2006
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