2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
In recent years, economists and financial experts are increasingly talking about the idea of creating a single Asian currency. It is assumed that it will become an analogue of the euro. Interest in the topic is fueled by the instability of the euro-dollar pair. The Asian Development Bank has already decided to put into circulation the "Asian currency unit", or otherwise the ACU.
Stability indicator
However, it doesn't matter what the Asian currency is called, the main thing is that it ensures the stability of the economy. It is expected that it will reflect the quotes of monetary units of 30 countries of the region and will be used as a kind of indicator of fluctuations of various regional currencies in relation to the Asian dollar, as well as the US dollar, euro and a number of other convertible currencies. Time will tell how successful the Asian currency, whose name is ACU, will be. So far, the global financial machine cannot boast of stability. Financial crises disturb one part of the world, then another, causing a chain reaction in a number of other countries and regions. Who knows, maybe an Asian currencywill really be able to bring the market to a certain balance and will not allow the global financial collapse. Let's wait and see!
Is it early?
Asian currency has a number of opponents. Most of them note that the American dollar in the world is in demand due to the developed economy of the United States. They justify their negative opinion by the fact that today the Asian markets are in a much worse condition than the American ones, and their temporary economic success is explained only by exports. In addition, the US dollar (Asian dollar) circulates freely in all Asian countries, so there is no particular need to exchange it for the local currency. All purchases can be made with American money. Thus, it turns out that the Asian currency, most likely, will not be more stable than, for example, the won or the Chinese yuan. Which means it won't make any sense. A number of economic experts are inclined to believe that if Asian countries need a single currency so much, then let them switch to the US dollar. By the way, 2013 was not a good year for the Asian region. According to financial analysts, the index of Asian currencies lost more than 2%. By the way, this is the most significant decrease since 2008. However, there is a logical explanation for this. When the US Federal Reserve first started talking about the possibility of cutting stimulus, the market began a large-scale liquidation of the positions of emerging economies, which weakened the currencies. The Indonesian rupiah alone fell through20%.
There are prospects
However, experts believe that the stimulus reduction factor will no longer play such a significant role, and all investors' attention will be focused on promising Asian economies. And today they are perhaps the most promising in the world. Therefore, the current 2014 may become a golden time for Asian currencies. In any case, there are all the prerequisites for this.
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