The normal functioning of the banking system relies on a safe and effective payment infrastructure, which, in Albania, is operated by the central bank. Over 2013, the Bank of Albania focused its efforts on improving AIPS and AECH systems. Moreover, in order to render the financial markets infrastructure complete, we are working to establish the Central System for the Settlement and Registration of Securities. This system will provide possibilities for the further development of the secondary market and will guarantee the settlement of transactions in this market, conform to international standards. In 2013, the approval of the law “On Payment System” was finalised. This law provides a special legal framework for regulating, licencing and overseeing payment systems by the Bank of Albania. It aims at minimising the systemic risk, which is related to the participation in payment and security settlement systems, and risks related to the insolvency of participants in the system. The passing of this Law implies the liberalisation of the payment systems market through the establishment of private payment systems. Furthermore, to encourage the use of electronic payment instruments and reduce the use of cash in the economy, the Bank of Albania has adopted the regulatory framework for using these instruments, by reflecting the principles of the relevant EU directive.
With the various renminbi financial infrastructure that has been put in place to support trade, investment and  BIS central bankers’ speeches  3  financial flows between Malaysia and China, this trend is expected to increase. Malaysian entities with large regional network should consider using Malaysia as the centre for their regional renminbi transactions and thus contribute towards greater economies of scale over time. This would in turn enable the transactions to be conducted in the most efficient and cost effective way. Conclusion Let me conclude my remarks. In a short time span of six years since 2009, the renminbi has accomplished much of its goals but there is still a long journey ahead as most international currencies have evolved over several decades. The impact of the Chinese economy on Asia has been significant with many countries now counting China as their largest trading partner, and in some cases, among the largest foreign investors. Reflective of the underlying fundamental economic changes, the rise of the renminbi, although gradual, is inevitable with important implications not only to Asia but to the rest of the world. Undoubtedly, the renminbi is more important to Asia than anywhere else. Given this, Asia including Malaysia must be ready for this transition of the increased internationalisation of the renminbi and its potential role with Asia’s integration path and thus contributing towards further unlocking the potential of the region. 4  BIS central bankers’ speeches