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Malaysian PM Proposes Common Currency for East Asia

Even as uncertainties abound with regards to the EU, there’s an interesting news coming out of Asia along the lines of the Union. On Thursday, Malaysian PM Mahathir Mohamad pitched an idea for a common trading currency in East Asia pegged to gold.

Mohamad proposed the idea for a common currency while speaking at the Nikkei Future of Asia conference in Tokyo. Mohamad remarked, “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.”

According to him, the current system leaves local currencies vulnerable to manipulation and can be affected by external market-moving factors. The Malaysian PM has long criticized forex trading. but feels that a common currency for East Asia would offer more stability.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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