| The financial crisis of 1997 not only brought enormous economic losses to East Asian countries, but also makes the governments of East Asian countries begin to concern and strengthen monetary cooperation. The launch of the euro and the successful operation, bring the dawn of monetary cooperation for East Asian countries. Meanwhile, with the development of the euro area and dollarization, requires regional monetary cooperation among the East Asian countries to enhance overall strength, in order that the East Asian countries can achieve their interests better in international scope. China-ASEAN free trade area starts formally, the rapid growth of intra-regional trade requires cooperation in the currency realm, so as to avoid sharp exchange rate fluctuations may damage the regional trade.In this paper, I use the revealed comparative advantage index and trade complementarity index to analysis the trade relations between the countries in China- ASEAN Free Trade Area, find out that the trade complementarity is larger than the trade competitive, so it's fit for carry on monetary cooperation in China-ASEAN Free Trade Area. Use the Theory of Optimum Currency Area to analysis the specific elements which can decide the model of the China-ASEAN regional monetary cooperation, find out that China-ASEAN Free Trade Area are not yet fully meet the criteria on optimum currency area Currently. So according to different stages of regional economic conditions, bring forward a specific mechanism——"progressive" monetary cooperation model, and also inspect the economic benefits of the model. And further bring forward some strategic choices which should be taken by China in promoting monetary cooperation with ASEAN. |
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