The president of the Asian Development Bank (ADB) called on Sept. 30 for an "Asia-common" currency as another international reserve currency, as part of the region's joint effort to prevent another global financial crisis. "Asia could make the third international currency or Asia-common currency in the near future," ADB President Haruhiko Kuroda said at an international seminar on global crisis response. As the global economic crisis brought about a severe dollar liquidity crunch in emerging countries, many governments had tried to accumulate dollar reserves as a safeguard, he said. But considering the risks of the reserve currency, a combination of regional and global liquidity support systems could help avoid another currency crisis, Kuroda proposed.
Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).
