Malaysian PM Proposes Common Currency for East Asia - Forex News by FX Leaders
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Malaysian PM Proposes Common Currency for East Asia

Posted Thursday, May 30, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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