Effective today, the Real-time Electronic Transfer of Funds and Settlement System (RENTAS) of Bank Negara Malaysia will extend its real-time gross settlement services to include the Renminbi. In addition to providing greater efficiency and competitiveness in trade settlements, the Renminbi Settlement Services (RSS) complements various regional initiatives already in place that foster greater financial integration.

Banking institutions in Malaysia are expected to gain operational efficiency in executing the settlement of Renminbi transactions through RENTAS to provide the assurance to their counterparties in meeting settlement obligations. The RSS will not only further facilitate bilateral trade between Malaysia and People's Republic of China, but also provide a natural hedge against the fluctuations and volatility of other currencies while eliminating settlement risk for Renminbi transactions.

Bank of China (Malaysia) Berhad has been appointed as the onshore settlement institution for the RSS.

In promoting the use of the RSS, fees tied to this service are waived until 31 December 2012.