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First Meeting of the Hong Kong-Malaysia Private Sector Dialogue on Offshore Renminbi Business
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The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong¡VMalaysia Private Sector Dialogue on Offshore Renminbi Business (Dialogue) convened for its first meeting today (December 5) in Kuala Lumpur. This Dialogue was established following the agreement by the Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia (BNM) in August 2013 to strengthen the collaboration between Hong Kong and Malaysia in the area of renminbi (RMB) business. It was attended by senior representatives from 10 Hong Kong and Malaysian banks. HKMA and BNM officials facilitated the discussions during the meeting.

     The interest and participation in the Dialogue reflected the strengthening trade and investment links between Mainland China, Hong Kong and Malaysia. Malaysia is China's largest trading partner within the Association of Southeast Asian Nations (ASEAN) region, while outward direct investments from China to Malaysia has also increased rapidly in recent years. To facilitate the associated increase in the demand for RMB trade settlement and investment opportunities, the Dialogue is intended to be a platform through which Hong Kong and Malaysian financial institutions can deepen their cooperation and enhance their collective capabilities in providing RMB products and services.

     Dialogue participants reviewed recent developments in the offshore RMB markets in Hong Kong and Malaysia, and agreed to enhance collaboration to further develop the market in the following areas:

* To strengthen efforts in raising awareness amongst corporations about the use of RMB in trade settlements and investments.
* To expand business relationships between banks in Hong Kong and Malaysia, with the view to further optimising liquidity conditions in the two financial markets.    
* To assess market infrastructure needs and consider appropriate market responses in developing offshore RMB products and services to meet emerging market demand.  
* To promote the development of the offshore RMB sukuk market, leveraging on the respective strengths of Hong Kong and Malaysia in RMB business and in Islamic finance respectively.  

     The next meeting of the Dialogue will be held in Hong Kong in 2014.

Note:
The 10 Hong Kong and Malaysian banks participated in the Dialogue were Bank of China, Bank Islam, CIMB Bank, Hong Leong Bank, HSBC, Industrial and Commercial Bank of China, Maybank, Public Bank, RHB Bank and Standard Chartered Bank.

Ends/Thursday, December 5, 2013
Issued at HKT 19:25

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