In light of the world's rising discontent with the US dollar's hegemony, China is open to discussions with Malaysia about establishing an Asian Monetary Fund, according to Prime Minister Datuk Seri Anwar Ibrahim.

Anwar claimed he recommended the creation of the fund during the Boao meeting in Hainan last week, emphasising the need to lessen dependency on the US dollar or the IMF.

There is no reason for Malaysia to continue depending on the dollar, he added. According to Anwar, who also serves as Malaysia's finance minister, the central bank is already trying to make it possible for the two countries to conduct trade negotiations using the ringgit and yuan.

Anwar said on Tuesday that in the 1990s, during his first term as finance minister, he first suggested creating the Asian Monetary Fund. He stated that because the US currency was still regarded as strong, his concept at the time didn't catch on.

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Source: theedgemarkets.com