Malaysia's prime minister raps currency rigging, urges using gold to settle East Asian trade

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Malaysia's Mahathir Proposes Common East Asia Currency Pegged to Gold

By Rozanna Latiff and A. Ananthalakshmi
Reuters
Thursday, May 30, 2019

KUALA LUMPUR, Malaysia -- Malaysian Prime Minister Mahathir Mohamad today mooted the idea of a common trading currency for East Asia that would be pegged to gold, describing the existing currency trading in the region as manipulative.

Mahathir said the proposed common currency could be used to settle imports and exports, but would not be used for domestic transactions.

... Dispatch continues below ...


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"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 Nikkei Future of Asia conference in Tokyo.

"The currency that we propose should be based on gold because gold is much more stable."

He said under the current foreign-exchange system, local currencies were affected by external factors and were manipulated. He did not elaborate on how they were manipulated. ...

... For the remainder of the report:

https://www.reuters.com/article/us-malaysia-currency/malaysias-mahathir-...

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