Malaysia and China sign RMB MoU, clearing bank expected
Malaysia is on its way to becoming the second ASEAN country to be designated as an offshore renminbi hub. The People's Bank of China (PBoC) and Bank Negara Malaysia (BNM) signed a memorandum of understanding (MoU) on RMB clearing arrangements in Malaysia on November 10. Singapore became the first RMB hub in the region in February 2013.
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