| Malaysia Central Bank Governor:
Yuan Growth to Contribute to Global Financial Stability |
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KUALA LUMPUR--The yuan's growing acceptance as an alternative
reserve currency to the U.S. dollar will contribute to stability in the global
financial system, Bank Negara Malaysia Gov. Zeti Akhtar Aziz said Thursday.
"It's an important development in a multipolar world," Ms. Zeti said at
a conference on trade and investment settlement in the Chinese currency, which
is also known as the renminbi.
China is Malaysia's largest trading
partner accounting for 14% of total trade, but only 1% of that is settled in
yuan.
Ms. Zeti said there is huge growth potential for settlement in
yuan as the two countries have a 180 billion yuan ($28.56 billion) cross
currency swap agreement.
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