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Asian Monetary Fund's moment has come at last

Region needs a reserve currency not under thumb of single nation

| Southeast Asia
Malaysian Prime Minister Anwar Ibrahim, left, with Xi Jinping in Beijing on March 31: The Chinese president raised the idea of reviving Japan's Asian Monetary Fund plan. (Sadiq Asyraf/Prime Minister's Office of Malaysia via AP)

Karan Mehrishi is the author of "The India Collective: What India is Really All About" and the forthcoming "The Making of Monetary Policy in India: Imagining the Future."

In the wake of the 1997 Asian financial crisis, Japan proposed the formation of an Asian Monetary Fund to provide a new anchor for regional financial stability.

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