Malaysia buys China bonds in boost for renminbi

Source: Reuters

Here is another step by China to ensure that the Chinese renminbi emerges  as one of the key global reserve currencies. Malaysia’s central bank has bought renminbi-denominated bonds for its reserves, marking a significant advance for Beijing’s attempts to internationalize the use of its currency. This will have a domino effect - it will encourage diversification into Chinese government securities by other Asian countries. Read more here.