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Asian single currency impossible yet China-led strong currency area foreseeable: Nobel Prize laureate

By N. Withitwinyuchon (Xinhua)

19:51, December 08, 2011

BANGKOK, Dec. 8 (Xinhua) -- Robert Mundell, a Canadian Nobel Prize winner in Economics in 1999, said that having Asian optimum currency area is unlikely but making China's RMB convertible in a bid to achieve strong currency area in Asia is possible.

The optimum currency area (OCA), also known as the optimal currency region (OCR), pioneered by Professor Mundell is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. The creation of euro has been frequently cited as a case study for this theory.

The Nobel Prize laureate expressed utmost confidence that China, the rising economic power in the region and the world, would definitely move and put much effort to make RMB fully convertible.

"That could be the currency in very great demand, especially if they kept the basic expectation that the currency is going to move anywhere, is going to be appreciated," he said at a distinguished lecture arranged by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in Bangkok on Wednesday.

On one hand, in addition to China, India and the Rupee is also another possible choice the world-class economist suggested for the creation of a strong currency in this region. On the other hand, yet both RMB and Rupee are just leading regional currency not global, he added.

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