Latest News:  
Beijing   Sunny    0 / -8   City Forecast

People's Daily Online>>Opinion

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.

【1】 【2】

 
 
 
 
We Recommend
 
 
 

Email|Print|Comments(Editor:姚春)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Drama artists perform Chinese opera

  2. Mysterious land at end of world - Antarctica

  3. Traditional festivals

  4. Santa Claus is coming to town

Most Popular

Opinions

  1. Can US-Pakistan ties survive current crisis?
  2. Old bear does not dance to Western tunes
  3. China can play critical role in reshaping global order
  4. Falling yuan funds make room for RRR adjustment
  5. Global chaos offers hints of new world order
  6. Playing the anti-China card
  7. Chinese wind power has great potential
  8. 'Diplomatic war' may escalate conflicts
  9. ASEAN benefits from China's WTO entry
  10. Chinese schools need to tune in and chill out

What's happening in China

Swimsuits show held ahead of New Silk Road Model Final

  1. Wealth gap "widely felt" in China
  2. Beijing most expensive city in country
  3. China to adopt a tighter air quality index
  4. 11 students injured in S China school bus crash
  5. BJ-SH high rail suspended for malfunction

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance