India's Reddy on monetary co-operation in Asia

In the speech 'Monetary co-operation in Asia' given on 3 September YV Reddy of the RBI said the RBI is planning a new six-country trade-weighted real effective exchange rate (REER) index for the rupee which would include China's yuan and the Hong Kong dollar.

Reddy said the new REER would replace the existing 5-country REER and include the currencies of the U.S., eurozone, UK and Japan.

It would reflect growing trade ties within Asia, Reddy said in the speech in Singapore last weekend.

"We have

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