BOC holds seminar on Renminbi internationalization in Kuala Lumpur

BEIJING, Aug. 21 -- A financial seminar themed "Renminbi internationalization: the pace and future" organized by Bank of China ( Malaysia ) Berhad was held on Tuesday.

Cao Yuan Zheng, chief economist at Bank of China, said the huge market would help foreign companies investing in China to become the fastest growing enterprises.

Compared to other currencies’ complex regulatory and approval procedures, Renminbi has a simpler operation system and much more convenient application. As the establishment of the free trade zone in Shanghai, the city would become a New York in China, being the center of settlement in Renminbi,the BOC economic expert said.

He hoped that more foreign companies would invest in Chinese market by settlement in Renminbi, sharing benefits from China's rapid economic growth.

Representatives of BOC (Malaysia) and Central Bank of Malaysia discussed about the internationalization of Renminbi and other related topics on the seminar.

Central Bank of Malaysia appointed BOC (Malaysia) as onshore Renminbi clearing bank in April 2011. Since then, 26 Malaysia’s financial institutions including the central bank as well as financial institutions of Singapore and Vietnam have opened Renminbi accounts in BOC (Malaysia).