Like what the Philippine president Rodrigo Duterte and his government did, 1Malaysia Development Berhad (1MDB) Prime Minister Najib Razak and his Umno-led Barisan Nasional (BN) federal government are also doing the same.
They both have little fear or respect for the US President Barack Obama and his country and have clearly joined forces with the mighty and rich China.
The US can now kiss goodbye to whatever allies that they may have or hoped for in their 21st Century Cold War with the China-Russia combo in their strive for geo-political economic and military dominance in the South China Sea (SCS).
(Also read these for context: http://victorlim2016.blogspot.my/2016/11/us-doj-youre-nothing-1mdb-pm-najib-is.html and http://victorlim2016.blogspot.my/2016/11/just-wondering-what-will-happen-if-all.html)
This is similar to what China and Russia did to do business in their own currencies, dumping the Greenback:
"BNM: Malaysia could consider renminbi-ringgit framework
Reuters
November 1, 2016
The framework will be similar to Thai baht-ringgit agreement that gave market makers certain flexibilities to facilitate doing business.
KUALA LUMPUR: Malaysia could consider a framework for the renminbi-ringgit cross currency market as it looks to boost the use of the Chinese currency in its market, a central bank official said on Tuesday.
The framework will be similar to the existing Thai baht-ringgit agreement that gave market makers certain flexibilities to facilitate doing business, Bank Negara Malaysia assistant governor Adnan Zaylani Mohamad Zahid said in a speech posted on the central bank’s website.
“This will enable the market-maker banks to play a larger role in enhancing the renminbi FX activities, not only in the spot market, but also in the renminbi forward and swap markets, which will result in lower foreign exchange transaction cost to the real sector,” he said.
The comments come during Malaysian Prime Minister Najib Razak’s official visit to China this week that aims to take bilateral relations to “new highs”.
China is Malaysia’s biggest trading partner, with total trade between them growing by 11.1 percent last year to 230.1 billion ringgit ($55.06 billion). China has also been pumping funds into Malaysia, in various industries.
The central bank is also developing a framework to help Malaysian investors hedge foreign exchange exposures up to a certain limit. The soon-to-be finalised framework is specific to the dollar-ringgit and renminbi-ringgit pairs, Adnan said.
Malaysia should also give special attention to renminbi trade financing and look to develop more investment products in renminbi, he said.
“It is important for Malaysia, being a key partner for China in the ASEAN region, to strengthen the renminbi connectivity not only to facilitate our bilateral trade but also to become a launch pad for China’s initiatives in this region,” Adnan said."
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