A list of 57 countries including Australia have been finalised as founding members of a new multi-billion dollar investment bank being led by China this week.
Economist Clifford Bennett says the AIIB could deliver a single currency for Asia, like the Euro, in 15 years time.
"We could have a currency in Asia in 15 to 20 years time which is a kin to the Euro for Europe," he said.
"A lot of people criticise the Euro but it has sustained and survived a major crisis and threat and if we had that scentario in Asia we could be selling our iron ore and copper to China without any upward appreciation on the currency at all and we'd have a far more balanced economy then."
The $130 billion Asia Infrastructure Investment Bank has been created to provide countries with loans to help fund major projects like roads, railways and telecommunications across the region.
It'll be led by China and that represents some major challenges.
China is one of the world's biggest economies, in one of the world's fastest growing regions which is demanding new infrastructure to promote productivity.
The Asian Development Bank estimates more than $10 trillion in total infrastructure investment is needed in the Asia Pacific region this decade.
By the end of 2025 forecasters at Oxford Economics say the region will constitute 60 per cent of global infrastructure investment with China alone one-third.
University of Melbourne International Business Expert Helen Hu says there is a shifting of global power.
"China is the second largest economy in the world, but its influence at international financial institutions is disproporitionate to its economic power."
Helen Hu adds that at the AIIB China is expected to have a 30 per cent voting stake.
"Compared to other financial institutions China currently only has less than 5 per cent in IMF and World Bank and 5.5 per cent in the Asian Development Bank."
It will however contribute about half of the $130 billion in capital to fund the bank.
Governance is being seen as an issue but China's Finance Ministry says prospective founding members will be consulted.
The 57 founding members were finalized last week and come from all parts of the world with two notable exceptions; the United States which campaigned against many from joining along with Japan. Both have cited transparency along with environmental and labour concerns.
Taiwan was denied membership.
By joining the bank Australia gains access to a growing Asian knowledge base, while Australian companies bidding for overseas contracts have a greater chance of securing them.
Mr Bennett says that the AIIB is the most exciting thing to happen to Australian in a very long time.
"It is for works across Asia, so Australia needs to be seen to be part of that economic region and we're badly in need of infrastructure, so it could even help to take some pressure off the budget in the years to come, there would be no immediate benefit, but certainly over the years to come we could benefit significantly."
Apart from having a greater say China's decision to fund most of the bank would make better use of the $4 trillion in foreign reserves that it holds.
The bank is expected to be in operation by the end of the year.
