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In Brief: Maybank to offer yuan

In Brief: Maybank to offer yuan

KUALA Lumpur-based Maybank has announced that it will offer yuan trade settlements at its regional branches, which include Cambodia, following Beijing’s easing of trade in the Chinese currency. In a Monday announcement, the bank – which first opened in the Kingdom in 1993 – said it expected the new services in yuan to benefit ASEAN-based firms trading with the 365 Mainland Designated Enterprises permitted to settle in yuan as a dollar alternative. However, given the dollarised nature of Cambodia’s economy it remains unclear whether domestic firms will choose to settle trade in the Chinese currency.

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