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Malaysia debuts Renminbi Clearing Bank

Malaysian Prime Minister Najib Razak inaugurated a Chinese Renminbi Clearing Bank in the capital city of Kuala Lumpur on April 14, hoping to create favourable conditions and cut business costs in the country.
Malaysian Prime Minister Najib Razak inaugurated a Chinese RenminbiClearing Bank in the capital city of Kuala Lumpur on April 14, hoping tocreate favourable conditions and cut business costs in the country.

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
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