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Malaysian central bank unveils onshore RMB settlement service

Malaysian central bank announced that Renminbi Settlement Service will be included in its Real-time Electronic Transfer of Funds and Settlement System ( RENTAS) from 21st March, a move that may boost trade and reduce transactions risk.

Bank Negara said the the Renminbi Settlement Services will not only provide greater efficiency and competitiveness in its trade settlements, but also complements various regional initiatives that already in place to foster financial integration.

The Malaysian central bank is expecting the Renminbi Settlement Services to further facilitate bilateral trade between Malaysia and China, and provides a natural hedge against the fluctuations and volatility of other currencies while eliminate settlement risk for Renminbi transactions.

Bank Negara said in a statement that Bank of China in Malaysia has been appointed as the onshore settlement institution of the Renminbi Settlement Services.

Bank Negara also announced that the fees tied to the settlement service would not be charge until the end of the year.

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