It matter NOT what you believe, its what is happening on the ground.
Here are more news from last week. And its Not just China, India and Russia - its country after country from around the world.
Bottom line is: countries and their companies will take alternative paths, rather than risk losing 100% of their Forex, from US and EU Gov.
Malaysia proposes establishment of Asian Monetary Fund
Kuala Lumpur (VNA)- Malaysian Prime Minister Anwar Ibrahim has said that China is ready to hold negotiations with Malaysia on the establishment ofAsian Monetary Fund(AMF) to reduce thedependenceon the US dollar.
Chinese President Xi Jinping welcomed the initiative at a meeting with the Malaysian PM during the latter's official visit to China last week, Anwar told the Malaysian parliament on April 4.
He emphasised that there is no reason for a country likeMalaysiato continue relying on the US dollar.
Currently, the Central Bank of Malaysia is working on enabling the two nations to negotiate on trade matters using the ringgit and renminbi.
Anwar said he had proposed it during his term as Deputy Finance Minister in the 1990s, but at that time, the idea failed to gain attention in Asia because theUS dollarwas considered very strong.
But now, with the economic strength of China, Japan, and others, it should be discussed.
Anwar also floated the idea of setting up the AMF at the Boao Forum in Hainan, China, last week, highlighting the need to reduce the dependence on the US dollar or the International Monetary Fund (IMF)./.
