The Malaysian prime minister's proposal to create an Asian Monetary Fund can be seen as a natural development following China's shift away from the U.S. dollar. The OctaFX experts give their assessment of what the consequences will be for the Malaysian economy and MYR.

The U.S. dollar plays a vital role in the U.S. economy, owing to the fact that it accounts for more than 80% of international trade finance. The U.S. dollar also constitutes 60% of the world's foreign exchange reserves and dominates the bond and currency markets.

However, the widespread use of the U.S. dollar hinders other countries' (particularly emerging markets) access to international capital. For instance, Russia currently faces financial sanctions and frozen foreign exchange reserves, while Brazil's president has expressed dissatisfaction with the use of the U.S. dollar. The U.S. dollar is also not favoured by many Asian economies, as ASEAN finance ministers and central bank governors are exploring ways to reduce their dependence on the dollar and shift towards local currencies. Here is how Malaysia's prime minister Anwar Ibrahim commented on this in April 2023:

'There is no reason to continue to depend on the U.S. dollar. In our negotiations between Malaysia and Indonesia, we use ringgit and rupiah. The central bank has also proposed to bring this method to trade matters. The more important issue concerns the Asian Monetary Fund (AMF), which has been well received in Asia—I think this proposal should be discussed.'

Malaysia has demonstrated the fastest economic growth rate in Asia over the last two decades, making it worthwhile to listen to the man behind this growth.

China aims to make the yuan the world's reserve currency and an alternative to the U.S. dollar. Using the yuan in ASEAN countries could be a solution. However, the strict control of the exchange rate by Chinese authorities makes it challenging to promote the use of yuan there. Another major world currency, the euro, will never match the level of liquidity of the U.S. dollar in Asian countries.

The proposed Asian Monetary Fund could enable countries in the region to pool their currencies, providing a way to move away from the IMF and the U.S. dollar in times of crisis. Several governments, including Japan, Malaysia, Thailand, Indonesia, and the Philippines, have already signed bilateral agreements using only their national currencies.

'The cohesive actions of Asian states will help enhance Malaysia's intra-trade relations within the region, which will positively affect the liquidity of MYR, making it more accessible,' said Kar Yong Ang, an OctaFX financial market analyst.

As China accelerates de-dollarisation worldwide, billions of dollars of liquidity remain unclaimed, leading to the strengthening of alternative currencies, especially Asian ones.

Cambodia is to host the 32nd Southeast Asian Games in Phnom Penh from May 5th to 17th. One of the world's most important sporting occasions, the SEA Games will bring together over five thousand athletes from the 11 countries of Southeast Asia, which has a population of over 675 million. This is the first time that Cambodia will host the historic, biennial, multi-sport event.

Athletes will compete in 589 events across 38 sports, including soccer, gymnastics, golf, martial arts, esports, and aquatics. The games will center around the specifically-constructed 60,000 seat Morodok Techo National Stadium in Khan Chroy Changvar, just outside the capital city of Phnom Penh. The area has become a multi-purpose satellite city for numerous sporting events.

Minister of Tourism, President of the National Olympic Committee of Cambodia (NOCC), and President of the Southeast Asian Games Federation (SEAGF) Council, H.E. Dr. Thong Khon, said, "I have the highest regard for all those competing in the SEA Games. I look forward to welcoming the athletes, coaches, officials, and all international guests to our beautiful purpose-built Morodok Techo National Stadium in Phnom Penh, and to Cambodia - the Kingdom of Wonder. I have no doubt that we shall demonstrate to the world that Southeast Asian athletes can compete at the highest levels."

Cambodian businessman, philanthropist, and owner of WorldBridge International, Mr. Rithy Sear oversaw the development of the 35,000ha WorldBridge Sports Village, the first large-scale Sports Village Project in Southeast Asia, with over 6,000 well-crafted condos, residential areas, a shopping mall, and sports museum adjacent to the Morodok Techo National Stadium.

Mr. Sear said, "The athletes and coaches at the 32nd SEA Games in Cambodia will experience world-class living and training facilities, ensuring that they are well rested and can maintain their exercise and healthy-eating routines. I am proud that the WorldBridge Sports Village will leave a lasting legacy for Cambodia, providing a mixture of residential and commercial properties just a stone's throw from Phnom Penh."

Cambodian Prime Minister Hun Sen will open the SEA Games at a ceremony on May 5, 2023.

Senior Minister of Public Works and Transport, H.E. Sun Chanthol, will collect the SEA Games torch at the border of Cambodia and Laos on April 27th, before embarking on a 5k run with the torch towards Phnom Penh.

The slogan for the 32nd SEA Games is "Sport: Live in Peace." The logo for the games represents Angkor Wat, Cambodia's most famous tourist attraction and UNESCO heritage site.

The first SEA Games were held in Bangkok in 1959, with 500 athletes from 6 countries competing in 12 sports. The games are regulated by the Southeast Asian Games Federation under supervision by the International Olympic Committee (IOC) and the Olympic Council of Asia (OCA).

The 2023 ASEAN Para Games for athletes with disabilities will be held at the Morodok Techo National Stadium in Phnom Penh from June 3rd to 9th, 2023.

On Zero Discrimination Day, commemorated on March 1, UNAIDS highlights the need to remove laws that criminalise people living with HIV and key populations. (Key populations are communities at higher risk of HIV infection including gay men and other men who have sex with men, people who use drugs, sex workers, transgender people and people in prisons and other closed settings.) The 2023 theme, "Save lives: Decriminalise", points to the positive impact on health and life outcomes when discriminatory and punitive laws are removed.

"Criminal laws targeting key populations and people living with HIV violate human rights, deepen the stigma people face and put them in danger by creating barriers to the support and services they need," said UNAIDS Regional Director for Asia and the Pacific, Eamonn Murphy. "Decriminalisation is an essential step toward building a supportive legal and policy environment that addresses the social determinants of health."

UNAIDS is sharing the stories of people in Asia and the Pacific who have experienced reduced access to healthcare, justice and other human rights due to criminal laws and the prejudice they perpetuate.

"The war on drugs has created a lot of stigma and a culture that views people who use drugs as criminals. When we access healthcare, we get treated as bad people. Many choose not to go even if they know they are unwell or at-risk," said Tedjo, a paralegal and past drug-user.

Ikka explained that during her former life as a sex worker she and her colleagues never reported customers who physically or sexually assaulted them or did not pay. She said: "If someone called the police, they would arrest the sex worker and not the client. The police wouldn't take your report. They think they have more important cases than you."

In 2021, the world set ambitious targets to remove criminal laws that are undermining the AIDS response through the political declaration on HIV and AIDS. UN member states made a commitment that by 2025 less than 10% of countries would have punitive legal and policy environments that affect the HIV response. Despite some promising reforms, the world and region are far from achieving this target.

The Asia Pacific situation

"States have a moral and legal obligation to remove discriminatory laws and enact laws that protect people from discrimination," said Harry Prabowo, Programme Manager of the Asia Pacific Network of People living with HIV and AIDS (APN+). "The meaningful engagement of people living with HIV and key populations is critical to ensure countries develop effective laws that do not have negative, unintended consequences."

Analysis by UNAIDS and UNDP reveals that just ten of 38 countries in the Asia Pacific region explicitly prohibit discrimination against people living with HIV. On the other hand, 17 countries have either HIV-specific penal laws or public health laws which criminalise HIV transmission, exposure or non-disclosure. Five countries retain formal HIV-related travel and migration restrictions while 12 have mandatory HIV test requirements relating to entry, stay and residence. Legislation, policies and practices that further stigmatise people living with HIV are not in the interest of public health.

Fourteen countries in the region retain corporal or capital punishment penalties for drug possession. There are compulsory centres or similar systems for people who use drugs in 21 nations. In 2012 and 2020 United Nations agencies called for the permanent closure of compulsory facilities for people who use drugs citing lack of due process, forced labour, inadequate nutrition, and denial or limited access to healthcare. Progress to end compulsory treatment for people who use drugs in East and Southeast Asia has largely stalled according to a 2022 report. The United Nations Office on Drugs and Crime (UNODC) and UNAIDS are supporting countries to transition to evidence-informed and human-rights based services.

Eighteen Asian and Pacific countries either fully or partially criminalise consenting sex between adult men. Gay men and other men who have sex with men living in countries with severe criminalisation are almost five times as likely to be infected with HIV as those living in countries without such criminal penalties.

Except for New Zealand, all countries in the region criminalise some aspect of sex work. In countries where sex work is heavily criminalised, sex workers are seven times more likely to be living with HIV than peers in countries where it is wholly or partially legalised.

Six countries in the Asia Pacific region—Cambodia, Lao PDR, Nepal, Papua New Guinea, Philippines and Thailand—have joined the Global Partnership for Action to Eliminate all Forms of HIV-related Stigma and Discrimination. This is a partnership that harnesses the combined power of governments, civil society, donors, academia and the United Nations to catalyse action to end stigma and discrimination, including in legal and justice systems.

NephCure, formerly NephCure Kidney International, announced Friday a new visual and written brand more distinctly centered around the rare kidney disease (RKD) community they serve. With nearly a year of research and development behind it, this new brand more accurately reflects the nonprofit's unique position in the RKD space, as well as the explosive growth and transformation the RKD field has seen over the past several years.

With this incredible growth, NephCure has entered a new era, and now has the opportunity to reach and support more people affected by RKD across the world. Through robust research, the patient advocacy organization discovered how critical it is to distinguish their brand, allowing those who may be new to the community to understand NephCure's direct connection to RKD and collective goal to find a cure.

"We are extremely proud to unveil our new branding. It not only represents the wave of innovation in the rare kidney disease space that NephCure, researchers, industry partners, and other key stakeholders have helped cultivate together, but also encapsulates the incredibly special community fostered at NephCure," said NephCure's CEO, Josh Tarnoff. "We are on the cusp of monumental breakthroughs in rare kidney disease research. New treatments and innovations are upon us, and our updated branding now conveys this cutting-edge shift taking place."

Unique among the major kidney organizations, NephCure is squarely focused on nephrotic syndrome, FSGS, IgAN, and other rare, protein-spilling kidney diseases. NephCure acts as the connector amongst patients and families, healthcare providers, government agencies, industry partners, and other key stakeholders, while also guiding patients to the best care and treatment options possible.

"We've listened to you — our valued community of patients, caregivers, volunteers, researchers, and other key supporters — through extensive rounds of interviews, surveys, and analysis to ensure that everyone who is a part of our community feels represented, understood, and, ultimately, inspired for progress," said Kylie Karley, NephCure's Marketing & Communications Director.

Initial elements of NephCure's brand evolution include:

New Logo: The new NephCure logo represents community and togetherness. Featuring a modern spiral of cascading lines that converge together to form a kidney, it demonstrates NephCure's focus on facilitating connections within the RKD community. This shape also doubles as a "spark," representing NephCure's position of leadership and innovation in the nephrology field as they work to advance rare kidney disease research toward more effective treatments.

Shortened Name: Through comprehensive research, it was discovered that "NephCure" by and large was the most prevalent name people used to refer to the organization. Since there was high awareness and equity in this specific part of the former name, they decided to officially shorten it to simply "NephCure," while also developing a supporting tagline to further clarify their mission.

New Tagline: "For rare kidney disease" reflects NephCure's distinct focus on RKD, as well as their passion and focus to continuously strive to find a cure.

New Vision Statement: "A world where all who are affected by rare, protein-spilling kidney disease are connected to new and better treatments — and one day, a cure."

New Mission Statement: "To empower people with rare, protein-spilling kidney disease to take charge of their health, while leading the revolution in research, new treatments, and care."

For the second phase of NephCure's rebranding work, the organization plans to update its website, NephCure.org, to reflect the new brand updates that have gone into effect today. NephCure will continue to update its community on the status of this website redesign.

NephCure's mission is to empower people with rare, protein-spilling kidney disease to take charge of their health, while leading the revolution in research, new treatments, and care. Founded in 2000 by a group of committed patient parents, NephCure has invested more than $40 million in kidney disease research and helped create a landscape where there are now new treatments and more than 60 interventional drug trials for rare kidney diseases. NephCure is a U.S. tax exempt 501(c)(3) public charity.