Malaysia and China to discuss ‘Asian Monetary Fund’ to reduce dependence on US Dollar

Malaysia and China to discuss ‘Asian Monetary Fund’ to reduce dependence on US Dollar, per Bloomberg.

Last week, China and Brazil reached a deal to trade in their own currencies, ditching the US dollar as an intermediary.

"The expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment," the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said.

China is Brazil's biggest trading partner, with a record $150.5 billion in bilateral trade last year.

Today, as well, Saudi Arabia has joined a China-led security bloc and trade alliance with China, Russia, India, Pakistan and others, per CNBC.

Saudi Arabia’s cabinet on Tuesday approved a memorandum awarding Riyadh the status of dialogue partner in the Shanghai Cooperation Organization.

The SCO is a political, security and trade alliance that lists China, Russia, India, Pakistan and four other central Asian nations as members.

Beijing is Riyadh’s largest trading partner, with bilateral trade worth $87.3 billion in 2021, according to Reuters.

Read more: https://unusualwhales.com/news/saudi-arabia-has-joined-a-china-led-security-bloc-and-trade-alliance-with-china-russia-india-pakistan-and-others