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as the world dumps the U.S dollar more and more countries are turning to the Chinese Yuan last week it was Brazil and now Malaysia has announced its plans Malaysia wants to set up an Asian monetary fund and China supports the idea but what purpose will it serve it has two goals number one replace the U.S dollar with an alternative currency and number two reduced Reliance on the international monetary fund China and Malaysia want to build an alternative to the IMF they want to kill two birds with one stone create an Asian IMF in Russia for instance the Chinese currency has already replaced the dollar the yuan is now the most traded currency in Russia so Russia is shifting so are some asean countries like Indonesia Vietnam and Cambodia theyre ditching the dollar theyre settling trade in local currencies the Chinese yuan is going places and its filing takers the American dollar is losing friends