China, Malaysia To Discuss Asian Monetary Fund To Reduce Dependence On US Dollar

Last week, Malaysian Prime Minister Anwar Ibrahim proposed the creation of an Asian Monetary Fund to reduce dependence on the US dollar. China and Malaysia are expected to discuss the proposal.

Malaysia is reviving a decades-old proposal to create an Asian Monetary Fund to reduce dependence on the U.S. dollar, with China being open to talks about the matter. 

Malaysian Prime Minister Anwar Ibrahim proposed the fund last week, Bloomberg reported.

“When I had a meeting with President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund’, and he welcomed discussions,” Anwar, who also serves as the country’s finance minister, told the Malaysian parliament on Tuesday.

China is open to talks with Malaysia on forming an Asian Monetary Fund in an effort to reduce dependency on the U.S. dollar. ((Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images) / Getty Images)

“There is no reason for Malaysia to continue depending on the dollar,” he added.

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According to reports quoting Russian official Alexander Babakov, the BRICS alliance is working to create its own currency.

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