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Malaysia, China to discuss 'Asian fund' to cut dependence on dollar
By Anisah Shukry
Bloomberg News
Tuesday, April 4, 2023
China is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Anwar Ibrahim, reviving a decades old proposal to reduce reliance on the dollar.
Anwar said he proposed setting up the fund at the Boao forum in Hainan last week, stressing the need to reduce reliance on the dollar or the International Monetary Fund.
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"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 the Malaysian parliament on Tuesday. Anwar was on a state visit to China last week to steer ties post-Covid.
"There is no reason for Malaysia to continue depending on the dollar," he added. Malaysia's central bank is already working on enabling the two nations to negotiate on trade matters using the ringgit and renminbi, said Anwar, who doubles as finance minister.
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