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Asia-PacificDecember 9 2022

Multi-currency will define the ‘Asian century’

As the centre of the world seems to shift eastwards, the region is turning away from the US dollar and towards bilateral local currency settlement. James King reports.
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Multi-currency will define the ‘Asian century’Image: Getty Images

Cross-border financial channels in Asia are experiencing a shake-up as governments and businesses promote, and turn to, local currency pairs and new payment links to execute bilateral trade and investment. 

This small but growing shift is being driven by a potent mix of political motivations, changing economic fundamentals and new technology, ensuring that, over the long term, the ‘Asian century’ will be defined by a multi-currency order. 

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