– “No Reason” For Malaysia To Rely On US Dollar, PM Warns As Yuan Influence Grows:
“sheesh… that escalated quickly…”
In October 2022, Chinese government researchers proposed a digital currency based on a basket of Asian currencies.
In late March, China and Brazil agreed to transact solely in their national currencies, cutting out the greenback completely.
Also, in late March, a Russian state official spoke of a new currency for the BRICS alliance, as reported by Cointelegraph. It would be another effort to distance itself from the dollar, incorporating the burgeoning economies of Brazil, Russia, India, China and South Africa.
On April 4, South China Morning Post Columnist Alex Lo opined additional reasons for dollar distancing could exist.
And now, as The Epoch Times’ Andrew Moran reports below, Malaysia has joined the group of several Asian nations trying to detach itself from dollar dependence.
Malaysia no longer believes it is necessary to depend on the U.S. dollar, Prime Minister Anwar Ibrahim said during an address to the nation’s parliament.
Following last week’s state visit to China, the Malaysian prime minister revealed that Beijing is open to deliberations with Kuala Lumpur to establish an Asian Monetary Fund.
“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 told lawmakers on Tuesday.
“There is no reason for Malaysia to continue depending on the dollar.”
* * *
PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP