India-Dominated Clearing Union Moves Toward Rupee Settlement

Nine central banks linked to a South Asia-focused clearing house have reached a consensus to settle trade in local currencies, including the Indian rupee, to reduce dependence on the US dollar and the euro.

All the members of the Asian Clearing Union, which includes all South Asian countries as well as Iran and Myanmar are on board with the plan, said Khaing Shwe War, director general at the Central Bank of Myanmar.