HKMA's Yam on the challenges of an emerging Asia

In a speech on 'The financial stability challenges of an emerging Asia' given on 25 October, Joseph Yam of the Hong Kong Monetary Authority gave one of the most high-profile endorsements of an Asian monetary union, saying countries in the region should adopt a common currency to maintain financial stability.

He said the solution is "to build a bigger integrated market that is capable of absorbing the volatility of international capital and reducing dependence on it."

"In other words, in the

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