The Asian Monetary Unit (AMU) is a
basket of currencies proposed by the Japanese government's
Research Institute of Economy, Trade and Industry
Research is "creative and systematic work undertaken to increase the stock of knowledge". It involves the collection, organization and analysis of evidence to increase understanding of a topic, characterized by a particular attentiveness t ...
(
RIETI
Rieti (; lat, Reate, Sabino: ) is a town and ''comune'' in Lazio, central Italy, with a population of 47,700. It is the administrative seat of the province of Rieti and see of the diocese of Rieti, as well as the modern capital of the Sabina re ...
). It is similar to and modeled on the
European Currency Unit
The European Currency Unit (, ; , ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 421 ...
(ECU), predecessor to the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
.
The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of
Hitotsubashi University
is a national university located in Tokyo, Japan. It has campuses in Kunitachi, Kodaira, and Chiyoda. One of the top 9 Designated National University in Japan, Hitotsubashi is a relatively small institution specialized solely in social sciences ...
and RIETI, is a common currency basket composed of 13 East Asian currencies, such as
ASEAN
ASEAN ( , ), officially the Association of Southeast Asian Nations, is a political and economic union of 10 member states in Southeast Asia, which promotes intergovernmental cooperation and facilitates economic, political, security, militar ...
10 plus
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
,
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
and
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
. 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
Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
,
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...
and
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, 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 of the AMU-wide and AMU-wide Deviation Indicators 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.
AMU baskets
The ''AMU'' is a basket composed of 13 currencies.
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
/ref>
See also
* Regional Comprehensive Economic Partnership
The Regional Comprehensive Economic Partnership (RCEP ) is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Sin ...
* Monetary union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, ...
* Chiang Mai Initiative
* Asian Clearing Union
The Asian Clearing Union (ACU) was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to se ...
References
External links
Daily value of AMU from RIETI
ASEAN mulls single currency
{{Association of Southeast Asian Nations (ASEAN)
ASEAN
Currencies of Asia