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The Asian Monetary Unit (AMU) is a basket of currencies proposed by the Japanese government's Research Institute of Economy, Trade and Industry (RIETI). It is similar to and modeled on the European Currency Unit (ECU), predecessor to the euro.[1]
The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of Hitotsubashi University and RIETI, is a common currency basket composed of 13 East Asian currencies, such as ASEAN 10 plus Japan, China and South Korea. These data have been published on the website of RIETI since September 2005. After 4 years passed, a common currency basket composed of 13 AMU currencies plus three other countries, Australia, New Zealand and India, which are strongly connected with Asian countries, is newly created as "AMU-wide". The AMU-wide, which is a common currency basket composed of wider range of currencies, will be expected to use as a surveillance indicator corresponding to the extensive regional economies.
The calculation methodology[clarification needed] of the AMU-wide and AMU-wide Deviation Indicators[clarification needed] are same as those of the AMU. The benchmark period is defined as:
- the total trade balance of member countries, and
- the total trade balance of the member countries (excluding Japan) with Japan, and
- the total trade balance of member countries with the rest of world
should all be relatively close to zero.[clarification needed][2]
AMU baskets
The AMU is a basket composed of 13 currencies.[3]
| Country | Currency |
|---|---|
| Brunei | Brunei dollar |
| Cambodia | Cambodian riel |
| Indonesia | Indonesian rupiah |
| Laos | Lao kip |
| Malaysia | Malaysian ringgit |
| Myanmar | Burmese kyat |
| Philippines | Philippine peso |
| Singapore | Singapore dollar |
| Thailand | Thai baht |
| Vietnam | Vietnamese đồng |
| China | Chinese Yuan (Renminbi) |
| Japan | Japanese yen |
| South Korea | South Korean won |
See also
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- Regional Comprehensive Economic Partnership
- Monetary union
- Chiang Mai Initiative
- Asian Clearing Union
References
- ^ Pekkanen, Saadia M.; Ravenhill, John; Foot, Rosemary, eds. (2014). Oxford Handbook of the International Relations of Asia. Oxford: Oxford University Press. p. 313. doi:10.1093/oxfordhb/9780199916245.001.0001. ISBN 978-0-19-991624-5.
- ^ The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide
- ^ The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide
