Zeti Akhtar Aziz: Opening of Bank Negara Malaysia Beijing Representative Office and initiatives to promote bilateral trade and investment Remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the opening of the BNM Beijing Representative Office, Beijing, 18 November 2013. *  *  *  It is my great pleasure to welcome you to this official opening of Bank Negara Malaysia’s Beijing Representative Office. The opening of this representative office today is an occasion of unprecedented significance for us. This Beijing office is Bank Negara Malaysia’s very first presence in Asia. This is a reflection of the growing importance of China in the global economy and the international financial system and the very significant and longstanding financial and economic ties between Malaysia and China. This momentous occasion also marks the dawn of a new chapter as our bilateral relations transitions and evolves reflecting the significant changes taking place in our respective economies and financial systems. For many decades now, the foundation underpinning the strength and dynamism of our relationship is our ability to continually harness the complementarities that exists between our economies. While bilateral trade has consistently been expanding at double digit growth rates over the recent two decades, the breadth and depth of our relations have also evolved and expanded into greater financial linkages. In parallel to our growing economic ties, our financial institutions have also ventured into each financial systems, further strengthening our financial and economic connectivity.

The most pressuring challenge for the world economy is to achieve a sustained and inclusive economic growth. Beyond the short-term volatility in the international financial markets, the prospects of the Asian region are well anchored on solid fundamentals, and underpinned by our economic and policy flexibility and years of reforms. Collectively, the Asian region will be an important growth center in the world economy contributing to global stability. China in particular has been successful in rebalancing its economy amidst structural adjustments and reforms that brings its economy to a sustainable growth trajectory. With the progressive move by China towards the internationalisation of their financial system in the years to come, there will be increased interconnectedness of the Chinese financial system with the rest of the region and the world and consequently, a wider role of the renminbi as it continues to grow in importance in international trade and financing activity. It would be inevitable that the renminbi will become an important reserve currency in the international financial system. Against this development, the opening of the Bank Negara Malaysia’s Beijing Representative Office builds on the deep ties that has already been forged and signifies our confidence and commitment to this future. The Beijing office will also serve as a key point for the Chinese financial community to engage Malaysia and understand the opportunities available in our countries. Finally, I would like to express our great appreciation to the People’s Bank of China for their approval and support for the Bank’s representative office.