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

Malaysian Prime Minister Mahathir Mohamad gives a speech at Chulalongkorn University, in Bangkok, Thailand Oct. 25, 2018. Reuters/Soe Zeya Tun

KUALA LUMPUR—Malaysian Prime Minister Mahathir Mohamad on Thursday 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.