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Categories
| Maybank offers yuan trade settlement |
| Business & Market 2009 | |||
| Written by Financial Daily | |||
| Tuesday, 03 November 2009 11:10 | |||
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In a statement yesterday, Maybank said the service would enable importers and exporters in the region to settle cross-border trade transactions with eligible companies in Shanghai, Guangzhou, Dongguan, Zhuhai and Shenzhen as well as external enterprises in designate countries, namely Asean, Hong Kong and Macau. Mainland-designated enterprises (MDEs), which are registered with the Chinese authority, are allowed to settle their cross-border trade transactions in yuan. To date, 365 MDEs are designated to undertake yuan trade settlement. “We are seeing signs of continued recovery both in Malaysia and China which will no doubt translate into growth in trade between the two countries. “With this new yuan trade settlement service launched today, we expect Maybank trade finance billings with China to grow by 15% in the current financial year ending June 2010,” said Maybank head of international, Abdul Farid Alias. Abdul Farid said the service would significantly benefit Maybank customers in the Asean region and Hong Kong who have business relationships with the MDEs, and offered savings as customers now had another currency option apart from the other major currencies being used including the US dollar. This article appeared in The Edge Financial Daily, November 3, 2009.
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