Malaysia’s central bank has bought renminbi-denominated bonds for its reserves, marking a significant advance for Beijing’s attempts to internationalise the use of its currency, pitched by Chinese policymakers as a long-term rival to the US dollar.
The central bank’s move is also expected to herald further diversification into Chinese government securities by other Asian countries. “This brings the renminbi’s credibility to a whole new level,” said Dariusz Kowalczyk, a Hong Kong-based strategist at Crédit Agricole.
“It will have a domino effect, starting among China’s trading partners in Asia. Then it will gradually spread globally.”
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