Malaysiais the first Asian country to establish a Renminbi Clearing Bank; otherbranches have been opened in Frankfurt (Germany), Paris (France), andSydney (Australia).
Addressing the event, Najib said as a China’slargest trading partner in ASEAN, his country is willing to promote theChinese currency. The bank is expected to help the city become afinancial hub in ASEAN.
The Prime Minister said Malaysia’sCentral Bank (Bank Negara Malaysia) selected the People’s Bank of Chinato open the Renminbi Clearing Bank in Kuala Lumpur.
The Chinese Renminbi is the first foreign currency used in Malaysia’s payment system.-VNA