Few people paid much attention towards the end of last year when Masahiro Kawai, head of the Asian Development Bank's (ADB) office for regional economic integration, unveiled a plan to launch an Asian currency unit or ACU. Yet within a few months some American Treasury officials were viewing the ACU as a potential "threat to the dollar" and even Europeans, who are generally sympathetic to Asian monetary initiatives, were looking askance.
Asian officials, on the other hand, were hailing the idea
- Canada’s Project Jasper to explore clearing of securities in third phase
- Treasury committee to investigate BoE’s lack of diversity
- Bank of Portugal sells majority share in ‘good bank’
- Fed’s Powell: banks still have important role in payments
- Xi sees renminbi taking greater role in global monetary system