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Delegates from leading commercial banks in Malaysia and Hong Kong met here on Thursday for the first Private Sector Dialogue on Offshore Renminbi (RMB) Business, in a bid to promote cooperation on the Chinese currency market between financial institutions in Malaysia and Hong Kong.
The dialogue was attended by senior representatives from ten Malaysian and Hong Kong banks, including Bank of China, Bank Islam, CIMB Bank, Hong Leong Bank, HSBC, Industrial and Commercial Bank of China, Maybank, Public Bank, RHB Bank and Standard Chartered Bank, according to a joint statement by Malaysia's central bank and the Hong Kong Monetary Authority.
The dialogue was held under the agreement between the Malaysian central bank and the Hong Kong Monetary Authority in August 2013 to strengthen the collaboration between Malaysia and Hong Kong in the area of RMB business.
"The interest and participation in the Dialogue reflected the strengthening trade and investment links between Malaysia, Hong Kong and Mainland China," the statement said.
Malaysia is China's largest trading partner in the Association of Southeast Asian Nations (ASEAN) region, while outward direct investment from China to Malaysia has also increased rapidly in recent years.
"To facilitate the associated increase in the demand for RMB trade settlement and investment opportunities, the Dialogue is intended to be a platform through which Malaysian and Hong Kong financial institutions can deepen their cooperation and enhance their collective capabilities in providing RMB products and services," it added.
The banks agreed to enhance collaboration to further develop the offshore RMB market.
Malaysian central bank and the Hong Kong Monetary Authority said the participants also discussed ways to assess market infrastructure needs and consider appropriate market responses in developing offshore RMB products and services to meet emerging market demand; and to promote the development of the offshore RMB sukuk market.
