17 Dec 2010

Asia-Pacific currency suggested

10:24 am on 17 December 2010

The group that represents New Zealand businesses at the annual APEC talks has floated the idea of a regional currency.

The suggestion of a replacement for the US dollar as the region's currency of trade, was floated at last month's APEC talks in Japan.

A member of New Zealand's APEC Business Advisory Council, Gary Judd, says it would not replace the New Zealand dollar.

Former Reserve Bank chief economist David Mayes says such a currency would be much more stable than the US dollar and make life easier for exporters here.

However he says it would face hurdles getting support from Asian countries which have built up huge US dollar reserves while keeping their own currencies low.