KUALA LUMPUR, Malaysia, April 28 (UPI) -- China, with its economic clout, can help formulate a unified currency in Asia that would boost trade, the Malaysian deputy finance minister told China Daily.
Lim Siang Chai spoke to China Daily as Chinese Premier Wen Jiabao arrived in Kuala Lumpur on a two-day visit.
Lim was quoted as saying a unified Asian currency would help emerging economies in the region boost trade and protect them from the risks of exchange rate fluctuations.
"Without China's leadership, it's hard for Asia to achieve the goal of having a solitary currency," Lim was quoted as saying.
Lim said trade is already growing since China and the 10-member Association of Southeast Asian Nations concluded a China-ASEAN Free Trade Area last year, and that a single currency would help reduce the cost of transactions for the settlement of trade.
The report said Malaysia, among the ASEAN countries, is China's largest trading partner, with bilateral trade volume reaching $74.3 billion in 2010. Lim said Chinese investments in Malaysia remain low and his government hopes to attract more Chinese investors.
