China is Increasingly Determined to “De-Dollarize” Its International Trade

NICOLAS ASFOURI / AFP

When Prime Minister Anwar Ibrahim went to Malaysia’s parliament this week to brief lawmakers on his recent trip to China, he emphasized his discussions with President Xi Jinping about transitioning away from relying solely on the U.S. dollar for trade.

“There is no reason for Malaysia to continue depending on the dollar,” Anwar told lawmakers about his conversations with Xi to create an Asian Monetary Fund that would elevate the role of the Chinese currency.

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by Eric Olander

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