- Malaysia's Prime Minister Anwar Ibrahim has proposed the formation of an Asian Monetary Fund to reduce reliance on the dollar.
- China's President Xi Jinping has welcomed discussions on the proposal.
- The proposal aims to mitigate the risks of a still-strong dollar that's weakened local currencies and become a tool of economic statecraft.
- Malaysia's central bank is already working on enabling the two nations to negotiate on trade matters using the ringgit and renminbi.
- Anwar also revealed to lawmakers the breakdown of the record 170 billion ringgit ($39 billion) investment China had committed to Malaysia.
Bloomberg — Markets — Asian Monetary Fund — Finance — Economy — Investment
Malaysia, China to Discuss ‘Asian Fund’ to Cut US Dollar Dependency
Malaysia's Prime Minister Anwar Ibrahim revives proposal for Asian Monetary Fund to reduce reliance on US dollar. China's President Xi Jinping welcomes talks for the fund.