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.

Malaysia is the first Asian country to establish a Renminbi Clearing Bank; other branches have been opened in Frankfurt (Germany), Paris (France), and Sydney (Australia).

Addressing the event, Najib said as a China’s largest trading partner in ASEAN, his country is willing to promote the Chinese currency. The bank is expected to help the city become a financial hub in ASEAN.

The Prime Minister said Malaysia’s Central Bank (Bank Negara Malaysia) selected the People’s Bank of China to open the Renminbi Clearing Bank in Kuala Lumpur.

The Chinese Renminbi is the first foreign currency used in Malaysia’s payment system.-VNA