BEIJING, Nov 10 — Prime Minister Datuk Seri Najib Razak is pleased the Memorandum of Understandings (MOU) signed between the People’s Bank of China and Bank Negara Malaysia will further strengthen financial and economic relations.
The RMB clearing bank will be a catalyst to support the rapid growth in bilateral trade, investment and financial flows between Malaysia and China.
“Today’s event is another affirmation that we will continue to pursue this goal for mutual benefits to both countries.
“As we are aware, the establishment of the RMB Clearing Bank resulted from the discussion between President Xi Jinping and myself last May,” said Najib, who is also Finance Minister in a statement released here today.
Going forward, the designated RMB Clearing Bank would become a strategic component in Malaysia’s financial system and infrastructure, enabling a significant pooling of Renmimbi liquidity to meet the financing needs of Malaysian financial institutions and businesses.
“I am confident that Malaysian financial institutions will be able to utilise this advantage to pursue greater use of Renmimbi to facilitate greater regional trade and investment in their extensive regional network in Asean, thus strengthening Malaysia’s position as a gateway for Renmimbi flows into the Asean region,” said the premier.
Meanwhile, during his meeting with his Chinese counterpart, Li Keqiang, Najib said China would soon announce the name of the clearing bank.
Najib is here to attend the two-day 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting (AELM) which began today.
The AELM themed, ‘Shaping the Future Through Asia-Pacific Partnership’, will be chaired by President Xi Jinping of China.
Earlier, Najib held separate bilateral meetings with Xi, Chief Executive of the Hong Kong Special Administrative Region, C Y Leung and Li.
Bank Negara is expected to issue a statement today on the Renmimbi/Ringgit Clearing Bank which would facilitate trade between Malaysia and China. — Bernama
