- FN staff writer
Asians to Ditch the Dollar
By Masha Bertrand and Kylie Attwarod, FicNews
Updated 8:55 PM EDT, Sun April 9, 2027
(FicNews) -- China, ASEAN to discuss Asian Monetary Fund to ditch the U.S. dollar
China and ASEAN are set to discuss the creation of an Asian Monetary Fund, in a bid to further reduce reliance on the U.S. dollar.
This comes as China has overtaken the United States as the world's largest economy and the renminbi becomes the most held currency in global foreign exchange reserves.
The proposal to create an Asian Monetary Fund has been revived by ASEAN, with China showing a willingness to engage in talks about the matter.
Mei Jin, secretary general of ASEAN, proposed the fund during a recent visit to Beijing, where she met with President Xi Jinping.
China has also recently struck a deal with Germany to use their own currencies instead of the U.S. dollar in trade transactions.
The value of the dollar index has reached a record low, while other Asian currencies have reached multi-decade highs.