Asian Development Bank

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.

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