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Malaysian companies can now have the option to settle their trade transactions with their counterparts in China in Renminbi (RMB) in addition to other currencies such as the US dollar. All current account (goods and services) transactions are eligible for trade settlement in RMB. Since July 2009, China's government has started the use of RMB for settlement of cross-border trade.
Settlement in RMB may reduce the foreign exchange risk for exporter and importers from China and this can result in better pricing of goods and services transactions for Malaysian companies.
Malaysian companies will also benefit from savings from the currency conversion spreads as it is now a direct quote from RMB to Ringgit.
Click on the following link for FAQs related to Trade Settlement in Renminbi (in PDF format) for public reference.
