China and Malaysia ready to discuss forming an Asian Monetary Fund.
An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback.China is open to talks with Malaysia on a decades old proposal to set up an Asian Monetary Fund that can reduce reliance on the U.S.
The head of the Malaysian government was reporting on the results of his recent state visit to the People’s Republic. He also said that Malaysia’s central bank is already working on enabling the two nations to start trading in their respective national fiats, ringgit and renminbi.An expensive U.S. dollar has been weakening currencies in the region and creating headaches for nations like Malaysia, which is a net importer of food items, the report remarks.
But now with the strength of the economies in China, Japan and others, I think we should discuss this — at least consider an Asian Monetary Fund, and, secondly, the use of our respective currencies.
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