From the Financial Times again
US drops opposition to Asian currency unit
The signal was given by Tim Adams, the under-secretary for international affairs at the US Treasury, in a closed session of the World Economic Forum in Tokyo.
While Mr Adams spoke in general terms, a copy of his prepared remarks, which has been obtained by the Financial Times, spells out clearly the US position on the Asian currency unit. The remarks say the US believes there has been ?some confusion? about its attitude on the ACU. They say ?we do not see the ACU as a competitor to the dollar.?
They say the US is ?open minded? and adds ?we view proposals for Asian currency co-operation with interest.? Mr Adams presented his remarks as a clarification rather than a shift in US policy. US officials admit the US is seen in Asia as being hostile to regional monetary and financial integration in principle, and wants to change that view.
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