The Asian Financial crisis underscored the folly of running fixed exchange rates, with an independent monetary policy, open capital accounts and volatile capital flows. Interest in an Asian Common Currency is growing, but the needed political commitment, institutions and market-based financial systems are absent. This paper benchmarks the quality of institutions and financial systems to assess the enigmatic roles of the Renminbi and Yen. A prioritized policy-matrix focused on building institutions and robust banking systems are outlined. Accelerated trade liberalization, economic co-operation and political integration are crucial before a joint float or a common currency can be envisaged realistically.