In Brief: Maybank to offer yuan
Wednesday, 04 November 2009 15:00 POST STAFF
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.
In Brief: World Bank Asia report
Wednesday, 04 November 2009 15:00 Steve Finch
THE Washington-based World Bank will today launch its semiannual assessment of the Asia-Pacific’s economic performance, it said in an announcement, which will focus on the effect that China has had in promoting recovery in the region. The report will note, however, that Cambodia, Malaysia and Thailand are all tipped to see GDP contract this year. The World Bank in April predicted the Kingdom would see the largest reversal in economic output in the whole region between 2007 and 2009 at 11.2 percent, predicting a 1 percent contraction in GDP for this year.
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