M’sia’s use of renminbi increases by 68 pct over last 12 months
KUALA LUMPUR: Malaysia’s use of the Renminbi (RMB) for payments with China and Hong Kong increased by 68 per cent over the last 12 months.
It also improved by 214 per cent over the last three years.
HSBC Bank Malaysia Bhd Head of Payments and Cash Management (PCM) Mandeep said according to Swift RMB Tracker results, since January 2013, the Chinese currency moved from third spot to second, for payments by value in overtaking the Ringgit.
Swift RMB Tracker is a study that provides a deeper level of analysis on the development of the Renminbi as an international currency.
“The Swift tracker revealed that despite volatility in China, and widely reported economic slowdown, Southeast Asian markets, such as Malaysia, have been enhancing RMB payment capabilities, including the establishment of RMB clearing centres,” he said in a statement yesterday.
This growth reflects the extensive trading relationship between Southeast Asia and China, which continues to be very important for the region.
Malaysia and China have a strong economic and trade relationship with annual bilateral trade volume topping US$100 billion.
Meanwhile, HSBC remained the
The Swift tracker revealed that despite volatility in China, and widely reported economic slowdown, Southeast Asian markets, such as Malaysia, have been enhancing RMB payment capabilities, including the establishment of RMB clearing centres.
Mandeep, HSBC Bank Malaysia Bhd Head of Payments and Cash Management (PCM)
world’s foremost bank for offshore RMB services and increased revenue by three per cent yearon-year in this vitally important growth market.
HSBCwasalsonamedBestOverall Offshore RMB Products/Services in the Asiamoney Offshore RMB Poll 2015 for the fifth consecutive year. — Bernama