The focus in this paper is on the international reserve currency dispensation that could best serve the world. In particular, aspects of South Africa’s experience with exchange rate reform, currency internationalization and monetary integration are highlighted in an attempt to extract elements that may be of relevance to reform the international monetary system (IMS). Views regarding the adjustment measures that other countries are already implementing are outlined, followed by an indication of preferences regarding the options for further orderly adjustment of the IMS.

In December 2012, the Asian Development Bank, CIGI and the Hong Kong Institute for Monetary Research co-hosted a conference in Hong Kong, China. The papers in this series, authored by esteemed academic and policy experts, were presented at the conference and were subsequently revised. These working papers are being published simultaneously by all three partners.