Prospects for a multi-currency clearing system in Asia

Masaya Sakuragawa, Junichi Shukuwa

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

In the aftermath of the Asian financial crisis, ministries of finance from the major Asian countries launched the Asian Bond Markets Initiative (ABMI) to avoid the risk of another currency crisis. However, the ABMI does not facilitate currency clearing, especially multi-currency clearing. This chapter proposes a new multi-currency clearing system in Asia. That scheme will clear each currency on a simultaneous base and will be supported by the differing Asian central banks. The architecture for liquidity provision in multiple currencies is the first step for Asian financial integration.

Original languageEnglish
Title of host publicationChina and Japan in the Global Economy
PublisherTaylor and Francis
Pages190-200
Number of pages11
ISBN (Electronic)9781351618052
ISBN (Print)9781138086166
DOIs
Publication statusPublished - 2018 Jan 1

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)

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