OREANDA-NEWS. December 02, 2014. The 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.

he establishment of RMB clearing arrangements in Kuala Lumpur is expected to bring convenience to companies and financial institutions in the two countries to use RMB in the cross-border transactions and promote the facilitation of bilateral trade and investment.