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PM wants more two-way trade with China in local currencies

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak hopes to see more two-way trade between Malaysia and China being conducted in local currencies in the near future.

“We would like to encourage more trade between our countries to be conducted in local currencies,” Najib told reporters in a joint press conference with Chinese Premier Li Keqiang today.

With the extensive financial cooperation between both countries including the designation of renminbi clearing bank in Kuala Lumpur and a grant of 50 billion renminbi, this can create a strong poetential ecosystem, said the prime minister.

Najib, who is also finance minister, said these facilities could boost the current 2.5 per cent trading using local currencies.

Najib said Malaysia also took note of China’s interest in participating in the Malaysia-Singapore high-speed rail project.

The project, he said, would be conducted on a basis of international tender process.

Najib also said the Xiamen branch campus in Malaysia would be ready to accept students in February next year, with one faculty dedicated to Chinese traditional medicine.

Read More : http://www.nst.com.my/news/2015/11/113428/pm-wants-more-two-way-trade-china-local-currencies

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