. investors and savers earning lousy returns on their savings do not simply throw up their hands and say “ since i ’ m earning lousy returns i might as well consume my savings or save less. ” no, they start looking for other means to preserve the value of their savings, including venturing beyond their borders in search for better returns. the outcome is a monetary policy that is less effective than what is envisioned by the policymakers in the major economies and a significant policy headache for countries that are on the receiving end of those capital inflows. the rise of the rmb will not entirely solve that, but hopefully, it will lead to a world where the global monetary system is less distorted, with less of the friction that we see now, and a greater sharing of the burden and benefits of serving as the world ’ s currency. malaysia and the global rmb finally, how would the globalisation of rmb affect malaysia? for malaysia, there is no downside to the rmb becoming an international currency. china is one of our largest trading partners and anything that facilitates the growth of trade and investment flows between the two economies is good. we understand some of the policy challenges china faces and is likely to face as it internationalises its currency. we understand the need for it to adopt a gradual approach and providing itself the space to address any vulnerability that may emerge as a consequence of internationalizing the rmb. but, we also know that as china develops its financial markets and its policy frameworks, greater openness would by synergetic in promoting the further development of its financial system and its economy, and of course the international role of the rmb. policymakers in malaysia are fully committed to strengthening our economic and financial ties with china. as far as using rmb for international trade and investment is concerned, we have worked to put the necessary infrastructure in place and continue to improve on it to make it cheaper and more convenient. however, it is the private sector that must decide on the economics of using the rmb for international payments and receipts. institutions like hsbc can play a very helpful role in educating their clients and the broader business community in malaysia on the possibilities of the rmb, as well as providing feedback to policymakers on what more we can do to create a more conducive environment to allow rmb trade to grow. conclusion to conclude, ladies and gentlemen, the internationalisation of the rmb has gained significant momentum over the last year or

##qarah : verse 30 ]. it is crucial for success that both the general public and the financial industry support the sustainability agenda with the goal of ensuring " peace and prosperity for people and the planet. " green sukuk can play a key role in helping malaysia achieve its target of net zero carbon emissions by 2050. i hope this roundtable can provide the various stakeholders in the market - issuers, sukuk structuring and advisory teams at financial institutions, investors, rating companies, consultants and many more – to discuss on actionable priorities and strategies in driving the green sukuk market forward. this indeed, is part of our aspiration for malaysia via the malaysia international islamic financial centre's ( mifc ) agenda to be the global gateway for islamic finance. on this note, let's begin the discussion. i wish you all a productive and insightful exchange ahead. thank you. 1 bond + sukuk information exchange ( bix ) 2 source : securities commission malaysia 3 source : securities commission malaysia 4 source : bloomberg intelligence 5 source : bloomberg 4 / 4 bis - central bankers'speeches