E-trading could free Asia from dollar dependency
Speaking at the FX Week Asia Congress in Singapore last week, Tsuyuguchi said electronic trading could facilitate a rise in direct trading between Asian currencies by bringing transaction costs down.
He said the trend had already begun with the automated teller machine (ATM) linkage in Asean countries. "ATM systems in Indonesia, Malaysia, Singapore and Thailand were linked bilaterally in 2005-06 as part of the e-Asean project. Foreign exchange transactions between the systems are now settled in
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