Renminbi overtakes ringgit for Malaysian payments to China

The US dollar still accounts for the overwhelming majority of payments from Malaysia to the red dragon

Renminbi makes significant headway in Malaysia

Malaysia's use of the renminbi for payments with China and Hong Kong increased by more than 200% in three years, Swift data shows. The value of renminbi payments from Malaysia has now overtaken that of the local ringgit as a means of payment to China and Hong Kong, but remains far behind the value of US dollar payments.

"Despite volatility in China, and widely reported economic slowdown, the South-east Asian markets, such as Singapore, Thailand and Malaysia, have been enhancing renminbi payment

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