Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong has again called for Asian countries to consider creating a single currency to avoid a repeat of the Asian financial turmoil.
Mr Yam yesterday told the CLSA Investors' Forum that a possible single currency for Asian countries - a move similar to the development of the euro in Europe - was an option worth considering.
However, he admitted it would be difficult to achieve. Two years ago Mr Yam unveiled a similar proposal after Asia's financial turmoil reached its peak.
'There would be a lot of political debate on this proposal,' he said.
But Mr Yam believed Asian countries should engage in more co-operation, such as developing a liquid Asian regional debt market.
He said the Asian turmoil had shown some small economies in the region could not cope with currency speculators' attacks. Some had closed their markets with capital controls.