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
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