Asian central bankers won't love the Libra

It's one thing for academics in Asia to rant against the tyranny of the dollar, or to make cheery forecasts about its impending eclipse by the Chinese yuan.

But now that Facebook wants to spawn a new global currency - one that could meet the "daily financial needs of billions of people" and perhaps rival the greenback one day - central banks in Beijing, Jakarta, Manila or Mumbai won't exactly be ecstatic.

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A version of this article appeared in the print edition of The Straits Times on June 21, 2019, with the headline 'Asian central bankers won't love the Libra'. Print Edition | Subscribe