KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak today launched the Renminbi Clearing Bank in Kuala Lumpur, which will facilitate and reduce the cost of doing business here.
Malaysia is the first Asian nation to host a renminbi clearing house outside China. Bank of China has been appointed the clearing house for renminbi trades in Malaysia.
Earlier Renmibi Clearing Banks outside China were set up in Frankfurt, Paris and Sydney. Malaysia, which is China’s biggest trading partner in Asean, expects the Renminbi Clearing Bank to facilitate more trades in renminbi and boost Kuala Lumpur’s status as Asean’s financial hub.
Najib said Bank Negara Malaysia had appointed Peopleâ€™s Bank of China as the renminbi clearing house here. The renminbi is now the first foreign currency to be included in the Malaysian clearing system.