The Second Hong Kong-Malaysia Private Sector Dialogue on Offshore Renminbi (RMB) Business* was successfully held in Johor Bahru, Malaysia today (27 March). The Dialogue, which aimed to foster closer collaboration between Hong Kong and Malaysia on the development of RMB business, was led by Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia (BNM) and involved senior representatives of banks from Hong Kong and Malaysia** and representatives from corporates and businesses.
The Dialogue was officiated by Mr. Vincent Lee, Executive Director (External) of the HKMA, and Encik Marzunisham Omar, Assistant Governor of BNM. The Dialogue reviewed the recent progress in RMB internationalisation, including the growing use of the currency in international trade, direct investments and portfolio investments. Other areas discussed included the opportunities for the potential use of the RMB arising from China’s expanding role in trade and investments in Asia, as well as the continuing progress to make the RMB capital account convertible. Participating banks also shared their experiences in utilising the RMB to better meet trade, investment and funding needs of businesses.
The next Dialogue will be held in 2016.
*RMB business outreach forms a key part of HKMA's work. Through collaborative efforts with key overseas markets, our objective is to grow the use of the RMB internationally and promote the use of the RMB business platform in Hong Kong.
**The banks included Bank of China, Bank Islam, CIMB Bank, Hong Leong Bank, HSBC, ICBC, Maybank, Public Bank, RHB Bank and Standard Chartered Bank.
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