In August 2000, central banks of ASEAN 10+3 expanded the amount of   multilateral currency exchange program from 200 million US dollars to 1 billion US dollars.  In 2001, they extended the ASEAN Swap Arrangement (ASA) and the Network of Bilateral Swaps and Repurchase Agreements (BSA).

4.  Trends for Future Development

4.1  Development in the contents of regional finance cooperation

A more flexible mechanism of currency exchange should be established to cope for future crisis in Asia.  And with the increase of bilateral and multilateral negotiations between countries within and out of the region, the need exists to expand the volume of currency exchange.  And recently the meeting of central banks of the Asia-Pacific region announced a second contribution plan for the Asian bond fund in its news statement after the first collection of 1 billion US dollars.  This highlights the expanding scale and scope in financial cooperation among Asian countries.

4.2  Prospects for Cooperation and Development of the "Asian Dollar"

Some scholars believe that an integrated currency will promote microeconomic efficiency and microeconomic stability. It is predicted that in the next 10 years, the world will have three leading regional currencies areas; the Euro area, the US dollar area and the Asian currency (Asian dollar) area. Under the circumstances of deficiency in global currency, the trend is leaning towards the establishment of a unified currency in the Asia-Pacific region.

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