Malaysia and China Discuss Advancing ASEAN-China-GCC Economic Ties and Currency Settlement

Malaysian Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi met Chinese Vice-Premier Ding Xuexiang in Beijing to discuss strengthening trilateral cooperation among ASEAN, China, and the Gulf Cooperation Council (GCC). The two sides reviewed efforts to formalize a trilateral framework, building upon the inaugural ASEAN-GCC-China Summit held in Kuala Lumpur on May 27 of the previous year.

A key focus of the discussions included expanding the use of the Chinese renminbi in cross-border trade between China and GCC countries. Ahmad Zahid noted that increasing the role of the renminbi could carry significant implications for currency exchanges involving the Malaysian ringgit, the renminbi, and currencies across the GCC region.

According to Ahmad Zahid, Chinese officials expressed interest in Malaysia continuing its coordination role ahead of the next trilateral summit, which is scheduled to take place in China. The talks also covered broader multilateral and bilateral trade integration.

The outcomes of the Beijing discussions are set to be conveyed to Malaysian Prime Minister Datuk Seri Anwar Ibrahim for further consideration and follow-up initiatives.