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Strategies & Market Trends : HONG KONG
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To: Tom who wrote (1107)1/17/1998 1:32:00 AM
From: Tom  Read Replies (1) of 2951
 
News this past week of an Asian Currency Unit...backed by gold?


JAPAN
Japanese politicians yesterday floated the possibility of creating an Asian Currency Unit in the region in response to mounting financial problems. The scheme would aim to create an Asian version of the European Currency Unit, which would act as a reference point for currencies, politicians told Japanese reporters.There was no official confirmation of the scheme and some Japanese government officials suggested it could be impractical given the diversity of the region's
economies.
(01-16-98)


INDIA
Various world sources have commented on India's Central Bank ( Reserve Bank of India - RBI ) decision to make GOLD an important part of its monetary system.
(01-16-98)


MARK MOBIUS (Templeton Asset Mgt.)
Perhaps a system similar to the European Union's Exchange Rate Mechanism (ERM) could be developed in Asia.

I believe that such a system founded on a gold standard could be implemented effectively in Asia. Of course, this would be fraught with difficulties.

The fundamentals of the countries in the region are even more disparate than those in Europe where the introduction of a unified currency is now being implemented.

However, the alternative of floating exchange rates creates all kinds of problems for domestic exporters and importers in Asia.
(01-15-98)
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