The Centre is pleased to announce the completion of its collaborative research project for 2025-26, examining the role of U.S. Dollar Dominance in Trade Invoicing and Cross-Border Investments among SEACEN Economies. Led by Professor Hiroyuki Ito of Portland State University, this initiative united seven central banks from SEACEN member countries: the National Bank of Cambodia, the Central Bank of Chinese Taipei, the Banking Academy of Vietnam, Bank Negara Malaysia, the Bank of Thailand, the Bank of Korea, and Bangko Sentral ng Pilipinas.
The research reveals the inertia effect in trade invoicing and the region’s deep integration into global value chains for the prevailing use of the U.S. dollar across the region. However, the findings also underscore the importance of policies that support a gradual shift toward greater adoption of local currencies as viable alternatives for international transactions by lowering transaction costs and reinforcing institutional foundations.
Click here to read and download the full report!
