China and Malaysia in Discussions to Create Asian Monetary Fund

China and Malaysia are discussing the creation of an Asian Monetary Fund to reduce their dependence on the US dollar and the International Monetary Fund. The proposal was initially presented on a platform in China last week and China is reportedly ready for the idea. Malaysia's central bank is already working with China's central bank to trade in their respective currencies. The aim of this step is to reduce dependence on the US dollar and avoid the impact of US foreign policy.