Could establishment of an Asian monetary fund help China’s yuan dethrone US dollar? SCMP, Apr. 13, 2023.

Kandy Wong

  • Malaysian Prime Minister Anwar Ibrahim revived a decades-old proposal for the establishment of an Asian monetary fund last month during a visit to China

  • The idea of creating an Asian monetary fund had been mentioned in the wake of the Asian financial crisis in 1997

When Malaysian Prime Minister Anwar Ibrahim revived a decades-old proposal for the establishment of an Asian monetary fund during a recent visit to China, he framed it as a way for participating nations to reduce their reliance on the US dollar – possibly giving a boost to the regional role played by the yuan.
Anwar said President Xi Jinping welcomed discussion of the proposal during a meeting in Beijing at the end of March.
But other regional powers responded cautiously, with Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto telling The Jakarta Post that while it was “a good idea”, realising it “would require commitments from countries that may be hard to come by”.

(To be continued)