Maybe even Malaysia will say goodbye to the US dollar soon.
This follows Prime Minister Datuk Seri Anwar Ibrahim's statement that Malaysia no longer believes it needs to depend on the world's giant currency, during a speech in parliament.
Following a state visit to China last week, Datuk Seri Anwar Ibrahim revealed that Beijing is open to discussions to establish the Asian Monetary Fund (AMF).
The AMF concept was first proposed in 1997 by the Japanese government during the regional financial crisis, but was not implemented after opposition from the United States and China.
The objective is for Asian countries to finance the organization and ensure sufficient levels of liquidity to weather the catastrophe that befell the economy.
The Prime Minister of Malaysia, who also serves as finance minister, also confirmed that the two countries have negotiated bilateral trade in yuan and ringgit.
This latest development is seen to further strengthen the influence of the yuan and reduce the dominance of the US dollar.
Earlier, it was reported that the Chinese yuan managed to beat the USD as the most traded currency in Russia.
