A reform in the global reserve system is critical to avoid a repeat of the recent global economic crisis and Asia's fast recovering countries need to cooperate to ensure a smooth transition to a multi-currency alternative, says a new report from the Asian Development Bank and Columbia University's Earth Institute. The report, The Future Global Reserve System - An Asian Perspective, says that while the US dollar will remain the leading currency of international exchange for now, a rebalancing in the global economy means that in the future, a wider range of currencies will need to be used to settle trade and investment. Read the press release. Download the report or read it online.

Asian capital markets deliver spectacular gains as the prospect of strong growth combined with the return of appetite for emerging-market assets brings a surge in capital inflows to emerging Asia once again, says this year's issue of ADB's Asia Capital Markets Monitor (ACMM). This issue reviews the recent performance in emerging Asia's stock, bond, and currency markets along with the outlook, risks, and policy implications of that performance. A special theme chapter is titled "Managing Capital Flows: Issues and Policy Challenges for Emerging Asia."

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