KUALA LUMPUR (Sept 3): Malaysia is now in far stronger position to weather any incoming storms, compared with the Asian financial crisis of 1997-98, said Prime Minister Datuk Seri Najib Razak.

"In the last 15 years, we undertook important structural reforms in the financial and banking system.

"The bond market has also reduced or reliance on short-term foreign currency-denominated borrowings, as was the case during the Asian crisis," he said in his keynote address at the World Capital Markets Symposium 2015, organised by the Securities Commission Malaysia, today.

Malaysia's bond market is the third largest in Asia at RM1.1 billion.

Najib added that the structural reforms implemented have collectively strengthened the ability of the Malaysian financial system to weather intense bouts of volatility and to effect adjustments in an orderly manner.

"Given our extensive cross-border interlinkages, both in the real and financial sectors, it is little surprise that a relatively small open economy, such as Malaysia, would be exposed to some degree of this volatility," he noted.

On another matter, Najib said the Special Economic Committee (SEC) was established in response to the "current various market trends and developments".

"I am confident the collective wisdom and experienced of the committee members will provide sound and pragmatic recommendations to ensure our economy remain on course," he said.

The SEC is headed by Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar, with nine other committee members, including CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak.