Together, we can pave the way for a transformed banking industry. Thank you. 4/4  BIS central bankers' speeches
In March of this year, Bank Negara Malaysia established a Reuters page for the RMB/MYR exchange rate for trade-related settlements, with 11 banking institutions offering the facility to Malaysian companies. A cost-effective arrangement is now being finalised to provide the option for exporters and importers to settle bilateral trade obligations in local currency by the middle of this year. This will complement the existing facilities that are already being provided by commercial banks in the settlement of trade in RMB. Bank Negara Malaysia has also signed a memorandum of understanding with the China Banking Regulatory Commission in 2009 to further strengthen the framework for cooperation and collaboration between both authorities, and to promote regional financial integration. This MOU provides the platform for both regulatory agencies to share information, to ensure the enforcement of prudential rules and regulations and to undertake pre-emptive actions  BIS Review 58/2010  1  towards ensuring the sound development of financial institutions operating in both the respective jurisdictions. This MOU also provides an established mechanism to enhance cooperation in areas that will be mutually beneficial for the development of the financial sector in both countries. With respect to the performance of the Malaysian financial sector, it has demonstrated its resilience throughout the recent global financial crisis. Financial intermediation has remained intact with the banking institutions in a strong position to support the economy. This has been reinforced by fiscal and monetary measures to ensure adequate access to financing by all segments of the private sector.