UNCTAD chief calls for Asian monetary fund

Asia should have its own monetary fund to better ensure financial stability of the region, a senior UN official said.

"Ultimately Asia should have its own monetary fund," Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), said on Friday at the Global Think Tank Summit in Beijing.

Supachai said it is necessary to further strengthen bilateral and multilateral economic cooperation in the region and a monetary fund for the Asia could better help cushion the impact of economic downturns for Asian nations.