Malaysia aspires to become the next yuan debt hub in the Asean (Association of Southeast Asian Nations) region as the country’s trade ties with China continue to strengthen.

Malaysia’s Second Minister of Finance, Ahmad Husni Hanadzlah, said yesterday that the country was promoting the use of yuan and that its well-developed debt market offered a solid platform for yuan-denominated bonds.

“Last year we issued bonds in yuan,” Husni said, adding that Malaysia is looking at better ways to use its yuan swap line with China.