Thailand pushes for yuan to replace dollar

BANGKOK, Nov. 12 (UPI) -- Thai Prime Minister Abhisit Vejjajiva said Friday he recommended the Chinese yuan replace the U.S. dollar as the Asian Development Bank's standard.

Abhisit said, "I've suggested the idea of establishing an office overseeing currency exchange within the Association of Southeast Asian Nations," the Bangkok Post reported.

"The currency issue will be discussed at the Asian Pacific Economic Cooperation meeting since there has been no progress at the G20 summit held in South Korea and it is difficult for the United States and China to be clear on this," the prime minister said.

A Group of 20 summit meeting that ended Friday achieved little direct progress on currency exchange rates but leaders agreed to ask the International Monetary Fund to study the issue of linking trade imbalances to market forces.