“As of November 2025, a total of RM82.1 billion had been settled in local currencies, comprising RM62.6 billion with China, RM10 billion with Thailand, and RM9.5 billion with Indonesia.”
“By comparison, only RM3.6 billion was settled in 2009: RM0.5 billion with China, RM1.9 billion with Thailand, and RM1.2 billion with Indonesia.”
“The finance ministry said the government and Bank Negara Malaysia (BNM) had been actively promoting local currencies in cross-border trade and investment settlements to reduce reliance on the US dollar and mitigate exposure to exchange rate volatility.”
“Initiatives include direct renminbi-ringgit transactions since 2010, special arrangements with China such as the cross-border collateral and renminbi liquidity facilities, as well as the appointment of Bank of China (Malaysia) as a renminbi clearing bank, it added.”
“It said the central bank is also exploring central bank digital currencies through Project Dunbar, which could provide an alternative to SWIFT and existing correspondent bank networks.”