Core Insights - The continuous advancement of the "Belt and Road" initiative has significantly enhanced economic and financial cooperation between China and partner countries, particularly in cross-border RMB transactions [2][3] Group 1: Cross-Border RMB Transactions - In Q1 of this year, the cross-border RMB transaction amount between China and Malaysia reached 102 billion yuan, a year-on-year increase of 27% [2] - The cross-border RMB transaction amount with Cambodia was 5 billion yuan, growing by 45% year-on-year, with goods trade transactions amounting to 1.3 billion yuan, up 23% [2] - In the previous year, the total cross-border RMB transaction amount between China and Malaysia exceeded 300 billion yuan, ranking second among ASEAN countries, with a year-on-year growth rate of 29% [3] Group 2: Policy and Institutional Support - The People's Bank of China and Bank Negara Malaysia have closely collaborated to create a favorable policy environment for bilateral currency settlement, including signing a bilateral currency swap agreement in 2009 [2][3] - In 2023, a memorandum was signed to establish RMB clearing arrangements in Cambodia, with the Bank of China in Phnom Penh designated as the clearing bank [3][4] Group 3: Financial Services and Product Development - Bank of China (Malaysia) has expanded its service offerings, providing a comprehensive range of financial services, including credit, international settlement, trade financing, and cash management, to support Chinese enterprises in market expansion [3] - The Bank of China in Phnom Penh has launched new products, including direct exchange between RMB and Cambodian riel, enhancing settlement options and reducing currency exchange costs [4][5] Group 4: Future Outlook - The use of RMB in cross-border trade and investment is expected to broaden and deepen as China's foreign trade becomes increasingly diversified [5] - The People's Bank of China plans to continue improving policies for cross-border RMB usage, facilitating a more favorable environment for businesses engaging in cross-border trade and investment [5]