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

dollar-and-renminbi
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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