RMB overtakes RM in Malaysia-China payments

Kuala Lumpur

THE Chinese yuan or renminbi (RMB) - an increasingly used currency for global payments - is rapidly gaining ground in Malaysia with the most recent Society for Worldwide Interbank Financial Telecommunication or SWIFT data showing its use for payments with China and Hong Kong swelling by a massive 68 per cent over the last 12 months and by more than twice or 214 per cent over the last three years.

The RMB has already overtake…