The Asian Development Bank plans to debut a notional unit of exchange called the Asian Currency Unit as a yardstick to monitor moves in the values of currencies in East Asia, ADB President Haruhiko Kuroda said Wednesday.
He also told the Japan National Press Club that the existing forum of the ASEAN-plus-three finance ministers should be turned into a forum similar to the Group of Seven to coordinate monetary and exchange rate policies among the 13 nations involved.
On the ACU, Kuroda said the unit based on a "basket," or the weighted average of currencies used in the ASEAN-plus-three countries, "could be a quite useful indicator for monetary authorities in their exchange rate policy formulation."