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China Daily / 2023-04 / 07 / Page008

Asian Monetary Fund suggested, as dollar has been weaponized

China Daily | Updated: 2023-04-07 00:00

During his recent visit to China, Malaysian Prime Minister Datuk Seri Anwar Ibrahim proposed to China the establishment of an "Asian Monetary Fund".

Back at home, Anwar told parliamentarians that given the economic power of Asian countries such as China and Japan, there is no reason for Malaysia to remain dependent on the US dollar and that the central banks of China and Malaysia had begun discussions on trade settlement in each other's currency.

On April 1, the Indian Ministry of External Affairs announced that trade between India and Malaysia can be settled in Indian rupees, which, according to the Indian media, marks a decisive step toward de-dollarization while shielding Indian trade from the Russia-Ukraine conflict. The US dollar was once the most important foreign trade currency for Russia, but it has now been increasingly dropped by many countries. At a finance ministers' and central bank governors' meeting at the end of March, the Association of Southeast Asian Nations discussed the use of local currencies for trade settlement to reduce reliance on major foreign currencies. Reportedly, China and Brazil also plan to use their own currencies to settle bilateral trade, instead of using the US dollar as the intermediary currency.

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