CHINA: PBC and BNM Sign MoU on the Establishment of RMB Clearing Arrangements

Tuesday November 18 2014

On 10th November 2014, the People’s Bank of China (PBC) and the Bank Negara Malaysia (BNM) signed an MOU on the establishment of RMB clearing arrangements in Kuala Lumpur. Subsequently, a RMB clearing bank will be designated in Kuala Lumpur. The two banks will consult and cooperate with each other to effectively regulate the relevant business, share information, continuously assess the progress of RMB business and improve policy.

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