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亚洲货币篮子，Currency Baskets for East Asia，by Eiji Ogawa,发表于December 10, 2007，Abstract： Ten years has passed since the Asian currency crisis occurred in 1997. During the 10 years we have been discussing about desirable exchange rates system for East Asian countries. It is recognized that the currency crisis was caused and worsened the crisis-hit economy further under the dollar peg system that the monetary authorities officially or de facto adopted before the Asian currency crisis. More flexible exchange rate system such as a currency basket system should be desirable for East Asian countries that have strong economic relationships with not only the United States but also European countries and neighboring Asian countries which include Japan.
Many of East Asian countries tried to shift from a official or de facto dollar peg system to more flexible exchange rate systems which include a managed floating exchange rate system immediately after the Asian currency crisis. On the other hand, the monetary authority of Malaysia officially returned to the dollar peg system in September 1998. Moreover, the monetary authority of China had kept the dollar peg system since 1994 even after the Asian currency crisis because Chinese economy faced no currency crisis thank to its own strict capital and foreign exchange controls. Both the monetary authorities of China and Malaysia made nnouncements of changing their exchange rate system to a managed floating exchange rate system with reference to a
currency basket on July 21, 2005. The currency basket includes major currencies with their strong economic relationship in terms of international trade, foreign direct investment, and international finance. The major currencies are the US dollar, the euro,
and the Japanese yen.
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