Tuesday, September 23, 2014

Singapore became the largest offshore RMB clearing centre outside Greater China

Some recent updates in the news about the renminbi market in Singapore.

SINGAPORE — The Republic’s position as a key offshore Renminbi (RMB) market has received a boost with the launch of a new foreign exchange (FX) futures contract on the yuan...

Senior Minister of State for Finance and Transport Josephine Teo noted that total RMB deposits placed in Singapore at the end of June has exceeded a quarter trillion yuan, 84 per cent higher than the same period last year. RMB denominated loans including trade finance have also grown in tandem at 88 per cent to more than half a trillion yuan.

“In April this year, the Society for Worldwide Interbank Financial Telecommunication reported that Singapore had become the largest offshore RMB clearing centre outside Greater China, in terms of yuan world payments value,” Mrs Teo said in her speech at the BOC-SGX RMB Internationalisation Forum today (Sept 19)...

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