The Asian Clearing Union (ACU), which includes central banks from South Asian countries and Iran and Myanmar, plans to shift towards local currency settlement, including the Indian rupee, reducing dependence on the US dollar and the euro. India, controlling 93% of ACU’s credit positions, will likely spearhead trade settlements. ACU members will also have the option to invest in financial assets using surplus currencies, with an option to convert to the dollar and euro. India has a similar arrangement with Sri Lanka, and Iran has sought trade in non-dollar currencies due to US sanctions.