China, Malaysia Push for Asian Monetary Fund, Dollar Out

1. China, Malaysia explore Asian Monetary Fund
2. Move aims to reduce dollar dependence
3. 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.

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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.

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