- China, Malaysia explore Asian Monetary Fund
- Move aims to reduce dollar dependence
- Cooperation may challenge IMF’s influence
China and Malaysia are reportedly advancing talks concerning the establishment of an Asian Monetary Fund, as regional powers seek to reduce their dependence on the U.S. dollar and challenge the International Monetary Fund’s (IMF) influence in the area.
At a recent forum in Hainan, a Chinese island province, the idea of an Asian Monetary Fund was proposed, according to Bloomberg. Malaysian Prime Minister Anwar Ibrahim stated on April 4 that President Xi Jinping of China expressed openness to discussing the creation of such an agency, which could potentially aid both countries and other Asian nations in distancing themselves from the dollar and the IMF.
This move comes as several Asian countries, including Malaysia, are actively trying to decrease their reliance on the U.S. dollar. To this end, Malaysia’s central bank is collaborating with the People’s Bank of China to conduct trade using their own respective currencies.
In a similar development, China and Brazil agreed in late March to conduct transactions exclusively in their own currencies, bypassing the U.S. dollar altogether. The growing trend of regional powers seeking alternatives to the dollar highlights an ongoing shift in the global economic landscape.
In other news, Do Kwon may need to outlast every person alive today if he is proven guilty in all criminal cases filed against him, since he may potentially spend over 140 years in prison in the United States and South Korea.
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