About the Video
Malaysia is proposing to form the Asian Monetary Fund with China. Will this finally break the US Dollar?
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⬇️ Timestamps:
0:00 → Introduction
0:56 → Purpose of the AMF
2:34 → Consequences of Weaker Malaysian Ringgit
3:54 → IMF vs AMF
5:52 → Why AMF Failed Back Then
8:17 → What Will Happen to USD
10:13 → How Will AMF Benefit Malaysia
11:36 → Conclusion
China is open to talks with Malaysia on forming an Asian Monetary Fund (AMF), said Prime Minister Anwar Ibrahim, reviving a decades old proposal to reduce reliance on the dollar. Anwar said he proposed setting up the fund at the Boao forum in Hainan last week, stressing the need to reduce reliance on the dollar or the Interanational Monetary Fund.
The dollar’s strength is a headache for Asian nations including Malaysia, which is a net importer of food items. The Bloomberg dollar index reached a record high in September 2022, as the rally in the USD sent the Ringgit and other Southeast Asian currencies to multi-decade lows.
The United States, as the largest contributor to the International Monetary Fund (IMF), has significant influence over the organization’s policies and decisions. Therefore, the U.S. government may be hesitant to allow an Asian Monetary Fund (AMF) to take over the IMF due to concerns about the potential impact on its dominant role in the global financial system, the governance and accountability of the AMF, and the potential impact on the global financial system as a whole.
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