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 overtaken the Malaysian ringgit (RM) as the second most used currency between China and Malaysia.