Malaysian PM proposes Asian Nations to ditch US dollar

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Malaysian PM proposes Asian Nations to ditch US dollar

TOKYO - *Malaysian PM proposes Asian Nations to ditch US dollar.*

East Asia should consider a common regional trading currency based on gold to promote commerce, and free the region from relying on dollar transactions, Malaysia’s prime minister said on Thursday.

Mohamad Mahathir said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic level.

“In the Far East if you want to come together, we should start with a common trading currency, not to be used locally but for the purpose of settling of trade,” he said at the Future of Asia forum in Tokyo.

“At the moment we have to depend upon the US dollar but the US dollar is also not stable. So the currency that we propose should be based on gold because gold is much more stable,” he added.