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  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

    1/13

    NMK@ Uj{g`oe \n|d{ Xd{`dx

    @x @} Mdx`{nkbd fj{ Nx`no Dhjojc`dx}j Ajbm Cj{d Nx`no Nxxd}x `o ]ad`{Fj{d`eo Dqhanoed [dxd{vdx:]ad\dj|bdx [d|tkb`h jf Ha`onxNoxud{

    K`o Yanoe

    Oj/ 8

    Nx`no Mdvdbj|cdo} Knog @ox}`}t}d

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    K`o Yanoe `x xdo`j{ {dxdn{ha fdbbju n} }ad @ox}`}t}d jf Uj{bm Dhjojc`hx nom \jb`}`hx"Ha`odxd Nhnmdcp jf Xjh`nb Xh`dohdx" Kd`i`oe/

    ]ad v`dux dq|{dxxdm `o }a`x |n|d{ n{d }ad v`dux jf }ad nt}aj{x nom mj oj} odhdxxn{`bp{dfbdh} }ad v`dux j{ |jb`h`dx jf NMK@" }ad Nx`no Mdvdbj|cdo} Knog !NMK)" `}x Kjn{m jfM`{dh}j{x" j{ }ad ejvd{ocdo}x }adp {d|{dxdo}/ NMK@ mjdx oj} etn{no}dd }ad nhht{nhp jf

    }ad mn}n `ohbtmdm `o }a`x |n|d{ nom nhhd|}x oj {dx|jox`k`b`}p fj{ nop hjoxd~tdohdx jf}ad`{ txd/ ]d{c`ojbjep txdm cnp oj} odhdxxn{`bp kd hjox`x}do} u`}a NMK jff`h`nb }d{cx/

    ]ad Uj{g`oe \n|d{ xd{`dx `x n hjo}`otn}`jo jf }ad fj{cd{bp oncdm M`xhtxx`jo \n|d{ xd{`dx7}ad otckd{`oe jf }ad |n|d{x hjo}`otdm u`}ajt} `o}d{{t|}`jo j{ hanoed/ NMK@x uj{g`oe|n|d{x {dfbdh} `o`}`nb `mdnx jo n }j|`h nom n{d |jx}dm job`od fj{ m`xhtxx`jo/ NMK@ dohjt{nedx

    {dnmd{x }j |jx} }ad`{ hjccdo}x jo }ad cn`o |ned fj{ dnha uj{g`oe |n|d{ !e`vdo `o }adh`}n}`jo kdbju)/ Xjcd uj{g`oe |n|d{x cnp mdvdbj| `o}j j}ad{ fj{cx jf |tkb`hn}`jo/

    Xteedx}dm h`}n}`jo9

    Yanoe" K/ ;>/ @x @} Mdx`{nkbd fj{ Nx`no Dhjojc`dx }j Ajbm Cj{d Nx`no Nxxd}x `o ]ad`{Fj{d`eo Dqhanoed [dxd{vdx:]ad \dj|bdx [d|tkb`h jf Ha`onx Noxud{/ NMK@ Uj{g`oe\n|d{ 8*/fj{d`eo/dqhanoed/{dxd{vdx/|{h*

    \bdnxd hjo}nh} }ad nt}aj{x fj{ `ofj{cn}`jo nkjt} }a`x |n|d{/

    Dcn`b9 kiyanoek`oLecn`b/hjc

    Nx`no Mdvdbj|cdo} Knog @ox}`}t}dGnxtc`enxdg` Kt`bm`oe 1F8#;#4 Gnxtc`enxdg`" Ha`pjmn#gt]jgpj >

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8>

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8/ @o}{jmth}`jo////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 8>/> Ebjknb knhge{jtom //////////////////////////////////////////////////////////////////////////////////////////// 8>/; [de`jonb knhge{jtom //////////////////////////////////////////////////////////////////////////////////////// 8>/8 \[H knhge{jtom /////////////////////////////////////////////////////////////////////////////////////////////// =>/= X}{th}t{d jf }a`x |n|d{ /////////////////////////////////////////////////////////////////////////////////////// =

    ;/ [dnb [d}t{ox jo Fj{d`eo Dqhanoed [dxd{vdx //////////////////////////////////////////////////////////// 4;/> Hjohd|} ///////////////////////////////////////////////////////////////////////////////////////////////////////////// 4;/; [d}t{o jo fj{d`eo dqhanoed {dxd{vd nxxd}x `o }d{cx jf n knxgd} jf `c|j{}dm

    ejjmx nom xd{v`hdx /////////////////////////////////////////////////////////////////////////////////////////// 68/ Ojc`onb nom [dnb [d}t{ox jo Cnij{ Nx`no Ht{{dohp Mdojc`on}dm Nxxd}x//////////////// 5

    8/> Ojc`onb {d}t{ox jo cnij{ Nx`no ht{{dohp mdojc`on}dm nxxd}x //////////////////////// 58/; ]ad |t{hanx`oe |jud{ jf cnij{ Nx`no ht{{doh`dx `o }d{cx jf }ad \[Hx

    `c|j{}dm ejjmx nom xd{v`hdx //////////////////////////////////////////////////////////////////////////// 08/8 ]ad {dnb {d}t{o jo Nx`no nxxd}x //////////////////////////////////////////////////////////////////////// 0

    =/ Hjohbtx`jo///////////////////////////////////////////////////////////////////////////////////////////////////////////////// >>

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8/ @O][JMTH]@JO

    >/> Ebjknb knhge{jtom

    ]ad ebjknb f`onoh`nb h{`x`x `o ;/; [de`jonb knhge{jtom

    X`ohd }ad Nx`no f`onoh`nb h{`x`x jf >005" nhnmdc`hx nom |jb`hpcngd{x `o Nx`n anvd nmvjhn}dm }an}Nx`no dhjojc`dx xajtbm x}{doe}ado f`onoh`nb nom cjod}n{p hjj|d{n}`jo `o }ad {de`jo/ Dhjojc`x}xn{d `o hjoxdoxtx nkjt} otcd{jtx nx|dh}x jf xtha hjj|d{n}`jo" xtha nx xaj{}#}d{c b`~t`m`}pxt||j{}" mdvdbj|cdo} jf {de`jonb kjom cn{gd}x" {de`jonb dqhanoed {n}d |jb`hp hjj|d{n}`jo" nomxj jo/ ]ad dxxdo}`nb n`c jf xtha hjj|d{n}`jo ujtbm kd }j {dmthd }ad jvd{#md|domdohd jf }ad{de`jo jo }ad TX mjbbn{" }ad{dkp `c|{jv`oe {de`jonb f`onoh`nb x}nk`b`}p nom |{jcj}`oe {de`jonb }{nmd

    nom `ovdx}cdo} mdvdbj|cdo} !NXDNO'8 [dxdn{ha E{jt|;]ad NXDNO'8 hjto}{`dx n{d @omjodx`n" Cnbnpx`n" \a`b`||`odx" X`oen|j{d" ]an`bnom" K{tod` Mn{txxnbnc" Cpnocn{"Hnckjm`n" Bnj \M[" V`d} Onc" }ad \dj|bdx [d|tkb`h jf Ha`on" In|no" nom }ad [d|tkb`h jf Gj{dn/

    8

    http://en.wikipedia.org/wiki/Medium_of_exchangehttp://en.wikipedia.org/wiki/Unit_of_accounthttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Singaporehttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Bruneihttp://en.wikipedia.org/wiki/Cambodiahttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/Cambodiahttp://en.wikipedia.org/wiki/Bruneihttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Singaporehttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Unit_of_accounthttp://en.wikipedia.org/wiki/Medium_of_exchange
  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8 Hjohd|}

    Fj{ }ad cnonedcdo} jf fj{d`eo dqhanoed {dxd{vdx `} `x jf gdp `c|j{}nohd }j anvd nhjc|{dadox`vd nom jkidh}`vd tomd{x}nom`oe jf {d}t{ox jo fj{d`eo dqhanoed {dxd{vdx/ @o }ad|{jhdxx jf hnbhtbn}`oe {d}t{ox jo fj{d`eo dqhanoed {dxd{vdx" }ad f`{x} |{jkbdc `x }ad xdbdh}`jo jfno n||{j|{`n}d {dfd{dohd ht{{dohp j{ }ad to`} jf nhhjto}/ ]ad haj`hd jf n {dfd{dohd ht{{dohp `xmd}d{c`odm kp }ad |n{}`htbn{ jkidh}`vdx n`c`oe }j kd nha`dvdm kp fj{d`eo dqhanoed {dxd{vdcnonedcdo}/ ]a{dd haj`hdx n||dn{ `o }ad b`}d{n}t{d nx }ad cjx} }p|`hnb jodx !Qt nom Yanoe";00>7 Kdhg nom [nakn{`" ;0101=)"Aj{`` !>016)" nom Mdbbnx !>010) fj{ cj{d md}n`bx/

    @o |{nh}`hd" }ad TX mjbbn{ `x u`mdbp txdm nx }ad {dfd{dohd ht{{dohp" oj} jobp kdhntxd `} `x }ad cjx}b`~t`m nom u`mdbp nhhd|}dm `o `o}d{on}`jonb nhhjto}`oe nom |npcdo}x" kt} nbxj kdhntxd `} `x nkbd }jcdd} }ad oddmx jf hdo}{nb knogx }j `o}d{vdod `o fj{d`eo dqhanoed cn{gd}x j{ }j f`onohd }ad`{hn|`}nb nhhjto}x/ Noj}ad{ `c|j{}no} cj}`vn}`jo b`dx `o }ad fnh} }an} `} jffd{x n pn{mx}`hg fj{nxxdxx`oe }ad {dbn}`vd |d{fj{cnohdx jf hdo}{nb knogx nx `ox}`}t}`jonb `ovdx}j{x" x`ohd dc|bjp`oe}ad mjbbn{ nx }ad to`} jf nhhjto} `x a`eabp nhhd|}dm ncjoex} ebjknb `ox}`}t}`jonb `ovdx}j{x/

    Knxdm jo n hjc|{dadox`vd b`}d{n}t{d {dv`du jf kj}a }adj{d}`hnb nom dc|`{`hnb x}tm`dx" [jed{!>008) `mdo}`f`dm }a{dd cj}`vdx fj{ }ad ajbm`oe jf fj{d`eo dqhanoed {dxd{vdx kp hdo}{nb knogx9 !>)}{noxnh}`jox oddmx" oncdbp }j f`onohd {dnm`bp fj{dxddnkbd fj{d`eo dqhanoed mdcnomx jf d`}ad{}ad |tkb`h j{ }ad |{`vn}d xdh}j{7 !;) `o}d{vdo}`jo oddmx" oncdbp fj{ }ad |t{|jxd jf fj{d`eodqhanoed cn{gd} `o}d{vdo}`jo nom cdd}`oe cnh{jdhjojc`h |jb`hp }n{ed}x" ua`ha `x hjox`md{dm }jkd }ad cjx} `c|j{}no} xjt{hd jf mdcnom fj{ {dxd{vdx7 !8) udnb}a m`vd{x`f`hn}`jo j{ |j{}fjb`jhjox`md{n}`jox" oncdbp fj{ }ad |t{|jxd jf cn`o}n`o`oe j{ doanoh`oe }ad vnbtd jf fj{d`eo dqhanoed{dxd{vdx/ X`ohd }ad \[Hx ht{{do} fj{d`eo dqhanoed {dxd{vdx n{d ctha bn{ed{ }ano odhdxxn{p }j

    cdd} {detbn{ {dxd{vd mdcnomx fj{ mdk} {d|npcdo}" ht{{do} nhhjto} mdf`h`} |npcdo}x" nom`o}d{vdo`oe `o }ad fj{d`eo dqhanoed cn{gd} }j x}nk`b`yd ptno dqhanoedx" cn`o}n`o`oe }ad`{ bjoe#}d{c vnbtd nom{dnb`y`oe a`ea `ovdx}cdo} p`dbmx `o {dnb |t{hanx`oe |jud{ }d{cx anvd kdhjcd }ad|{`cn{p }n{ed}x; jf }ad \[Hx fj{d`eo dqhanoed {dxd{vd cnonedcdo}/

    ;Knxdm jo n xt{vdp hjomth}dm kp }ad nt}aj{x `o ;

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    NMK@ Uj{g`oe \n|d{ 8

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 8/

    {d|{dxdo}x }ad {dnb dffdh}`vd dqhanoed {n}d jf n ht{{dohp q `o }d{cx jf n knxgd} jf `c|j{}dm

    ejjmx nom xd{v`hdx/ ]ng`oe nx no dqnc|bd" no `oh{dnxd `o `om`hn}dx n jod to`} TX

    mjbbn{ `oh{dnxd `o |t{hanx`oe |jud{ jf n knxgd} jf }ad \[Hx `c|j{} ejjmx nom xd{v`hdx/ ]ad{d

    n{d }uj `c|j{}no} m`ffd{dohdx kd}uddo }ad txdm ad{d nom }ad edod{nbbp {dfd{{dm}j/ ]ad f`{x} `x }an} }ad ud`ea}x jf vn{`jtx ht{{doh`dx `o }ad knxgd} fj{ }ad fj{cd{ n{d md}d{c`odm kp}ad \[Hx `c|j{} x}{th}t{d" ua`bd }ajxd jf }ad bn}}d{ md|dom jo }ad fj{d`eo }{nmd x}{th}t{d jf }ad

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    jf ejjmx nom xd{v`hdx/ Ud mj oj} nmitx} }ad dqhanoed {n}d fj{ TX |{`hdx bdvdbx" kt} fj{ }ad |{`hdbdvdbx jf }ad \[Hx }{nm`oe |n{}od{x/

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    8/> Ojc`onb {d}t{ox jo cnij{ Nx`no ht{{dohp mdojc`on}dm nxxd}x

    Jff`h`nb fj{d`eo dqhanoed {dxd{vdx anvd a`ea {d~t`{dcdo}x `o }d{cx jf xnfd}p nom b`~t`m`}p" nom }adb`jox xan{d jf }adc n{d `ovdx}dm `o ejvd{ocdo} kjomx nom nedohp kjomx/ Mtd }j mn}nhjox}{n`o}x" ud jobp hjox`md{ }ad {d}t{o jo bjoe }d{c ejvd{ocdo} kjomxno dnx`bp nhhd|}dmhaj`hd fj{ fj{d`eo dqhanoed {dxd{vd nxxd} cnoned{x/ Ud jobp hjox`md{ xdvd{nb cnij{ Nx`nodhjojc`dx" xtha nx In|no" @om`n" }ad [d|tkb`h jf Gj{dn" ]an`bnom" Cnbnpx`n" nom X`oen|j{dnbbjf }adc `ohbtmdm `o }ad b`x} jf }ad \[Hx }udo}p bn{edx} `c|j{} hjto}{`dx/ @o nmm`}`jo" ud `ohbtmdNtx}{nb`n `o jt{ {dxdn{ha/ Jt{ {dxdn{ha |d{`jm `x f{jc Inotn{p ;

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 89 P`dbm jo Bjoe#]d{c Ejvd{ocdo} Kjomx `o Bjhnb Ht{{dohp ]d{cx !$)

    Oj}d9 TX" @O[" G[" CP" XE" ]A" I\" NT mdoj}d TX" @om`n" [d|tkb`h jf Gj{dn" Cnbnpx`n" X`oen|j{d" ]an`bnom" In|no" nomNtx}{nb`n" {dx|dh}`vdbp/

    Mn}n Xjt{hd9 HD@H

    ]ad {dxtb} hjtbm kd vd{p m`ffd{do} `f ud xtkx}`}t}dm }ad TX mjbbn{ fj{ bjhnb ht{{doh`dx nx }ad{dfd{dohd ht{{dohp/ @o f`et{d ;" }ad nvd{ned p`dbmx jo ejvd{ocdo} kjomx fj{ cnij{ Nx`nodhjojc`dx dqhd|} fj{ In|no `o TX mjbbn{ }d{cx n{d a`ead{ }ano }an} jf TX ]{dnxt{p k`bbx" nom }adx}nomn{m d{{j{ jf }ajxd kjomx n{d a`ead{ }ano }an} jf TX }{dnxt{p k`bbx }jj/ ]ad nvd{ned p`dbm joNtx}{nb`no ejvd{ocdo} kjomx `o TX mjbbn{ }d{cx `x a`ead{ }ano }an} jf TX ]{dnxt{p k`bbx" nom }adx}nomn{m d{{j{ jf Ntx}{nb`no ejvd{ocdo} kjomx `x bjud{ }ano }an} jf TX ]{dnxt{p k`bbx/

    F`et{d ;9 P`dbm jo Bjoe#]d{c Ejvd{ocdo} Kjomx `o TX Mjbbn{ ]d{cx !$)

    Oj}d9 TX" @O[" G[" CP" XE" ]A" I\" NT mdoj}d TX" @om`n" [d|tkb`h jf Gj{dn" Cnbnpx`n" X`oen|j{d" ]an`bnom" In|no" nomNtx}{nb`n" {dx|dh}`vdbp/

    Xjt{hd9 HD@H nom nt}aj{x hnbhtbn}`jo

    1

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

    11/13

    NMK@ Uj{g`oe \n|d{ 87 nom !;) }ad hanoed `o|t{hanx`oe |jud{ jf }ad \[Hx `c|j{}dm ejjmx nom xd{v`hdx fj{ dnha bjhnb ht{{dohp" oncdbp }ad

    {dnb dffdh}`vd dqhanoed {n}d fj{ dnha bjhnb ht{{dohp/ ]ad bn}}d{ `x hjox}{th}dm knxdm jo fj{ctbn!;)/

    @o f`et{d 8" cnij{ Nx`no ht{{doh`dx |t{hanx`oe |jud{ `o }d{cx jf }ad \[Hx `c|j{}x jf ejjmx nomxd{v`hdx mdhb`odm `o }an} dnha ht{{dohpx n||{dh`n}`jo nen`ox} }ad \[Hx cnij{ }{nmd |n{}od{x `xbdxx }ano }ad ud`ea}dm nvd{ned `ofbn}`jo jf }ajxd }{nm`oe |n{}od{x/ F{jc Inotn{p ;$/ Jod to`} jf Ntx}{nb`no mjbbn{x |t{hanx`oe |jud{ `o }d{cx jf }ad\[Hx `c|j{}x jf ejjmx nom xd{v`hdx knxgd} `oh{dnxdm kp 6$/

    F`et{d 89 \t{hanx`oe \jud{ Hanoedx `o ]d{cx jf }ad \[Hx @c|j{}x jf Ejjmx nomXd{v`hdx Knxgd} fj{ Jod To`} jf Ht{{dohp !$)

    Oj}d9 TX" @O[" G[" CP" XE" ]A" I\" NT mdoj}d TX" @om`n" [d|tkb`h jf Gj{dn" Cnbnpx`n" X`oen|j{d" ]an`bnom" In|no" nomNtx}{nb`n" {dx|dh}`vdbp/

    Xjt{hd9 HD@H nom nt}aj{x hnbhtbn}`jo

    8/8 ]ad {dnb {d}t{o jo Nx`no nxxd}x

    Hjck`o`oe ojc`onb {d}t{o nom dnha ht{{dohpx |t{hanx`oe |jud{ hanoed `o }d{cx jf }ad \[Hx`c|j{}x jf ejjmx nom xd{v`hdx knxgd}" ud jk}n`odm }ad {dnb {d}t{o jo dnha nxxd}/ Nx xajuo `oF`et{d =" jvd{ }ad |d{`jm jf Inotn{p ;

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

    12/13

    NMK@ Uj{g`oe \n|d{ 8/44$" $" #

  • 8/4/2019 Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?The Peoples R

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    NMK@ Uj{g`oe \n|d{ 801

    Kdo#Knxxn}" N/ >01=/ [dxd{vd#Ht{{dohp M`vd{x`f`hn}`jo nom }ad Xtkx}`}t}`jo Nhhjto}/ Dxxnpx `o@o}d{on}`jonb F`onohd/ \{`ohd}jo" OI/ Oj/ 48/

    Mdbbnx" A/ >010/ @o}d{on}`jonb {dxd{vd ht{{doh`dx/ @CF Uj{g`oe \n|d{ Oj/ U\ 10>4/ @o}d{on}`jonbCjod}n{p Ftom/

    Mdbbnx" A/" nom H/ Pjj/ >00>/ [dxd{vd ht{{dohp |{dfd{dohdx jf hdo}{nb knogx9 }ad hnxd jf Gj{dn/Ijt{onb jf @o}d{on}`jonb Cjodp nom F`onohd>0/

    Adnbp" N/ >01>/ N x`c|bd {de{dxx`jo }dhao`~td fj{ }ad j|}`cnb m`vd{x`f`hn}`jo jf fj{d`eo dqhanoed{dxd{vdx/ @CF Uj{g`oe \n|d{ Oj/ MC*1>*6=/ @o}d{on}`jonb Cjod}n{p Ftom/

    Aj{``" N/ >016/ ]ad Dvjbt}`jo jf [dxd{vd Ht{{dohp M`vd{x`f`hn}`jo/ K@X Dhjojc`h \n|d{x Oj/ >1/Knog fj{ @o}d{on}`jonb Xd}}bdcdo}x/

    Gjt{`" \/" nom I/ md Cnhdmj/ >051/ Dqhanoed {n}dx nom }ad `o}d{on}`jonb nmitx}cdo} |{jhdxx/K{jjg`oex \n|d{x jo Dhjojc`h Nh}`v`}p!>)9 >>>>45/

    [`ggjodo" G/ >010/ ]ad j|}`cnb ht{{dohp m`x}{`kt}`jo jf n hdo}{nb knogx fj{d`eo dqhanoed{dxd{vdx/ Knog jf F`obnom M`xhtxx`jo \n|d{ Oj/ ;1*10/

    [jed{" X/ >008/ ]ad cnonedcdo} jf fj{d`eo dqhanoed {dxd{vd/ K@X Dhjojc`h \n|d{x Oj/81/Knog fj{ @o}d{on}`jonb Xd}}bdcdo}x/

    TO Hjcc`xx`jo/ ;

    http://www.mof.go.jp/english/if/regional_financial_cooperation.htmhttp://www.mof.go.jp/english/if/regional_financial_cooperation.htm