Asian Development Bank President Haruhiko Kuroda said Thursday any Asian currency integration is a long way off and cast doubt on the Chinese yuan emerging as a regional unit.
The idea of a single currency for Asia and of integrating the region’s economies was first touted after the financial crisis of 1997-1998. But the recent problems seen in the eurozone, with the bailouts of countries like Greece and Ireland, have exposed the frailties of a common currency area. In an interview with the Australian Financial Review, Kuroda said an Asian integration may happen, but not yet.
He added that he did not think the yuan or the Japanese yen would emerge as a single Asian currency or take on the role of the US dollar in the region.
