Asian currency unit on the way

http://www.shanghaidaily.com/art/2005/10/26/207884/Asian_currency_unit_on_the_way.htm

Asian currency unit on the way
Winny Wang
2005-10-26 Beijing Time

AN Asian currency unit is expected to be on trial by the middle of next year, paving the way for a future unified Asian currency, International Finance News reported, citing a senior official of Asian Development Bank.

The unit will integrate currencies of 13 members, including China's mainland, Japan and South Korea, to be an index to test their currency stability, the Shanghai-based newspaper said. It is under study whether the Hong Kong dollar and New Taiwan dollar will be included.

The Asian currency unit will be named the ACU. Asian Development Bank will publish the exchange rate of ACU to the US dollar, euro and currencies of members daily on its Website.

The ACU will be modeled on the former European currency unit, forerunner of the euro, adopting a basket of currencies to decide its value.

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