Singapore announce new measures to strengthen financial ties with China

[CityFarmer]

It will make Singapore more on par with Hong Kong, in the offshore RMB competition...

Singapore announce new measures to strengthen financial ties with China

SINGAPORE — Singapore has taken further steps toward cementing its position as a major offshore centre for international use of the Renminbi (RMB) with the announcement of a number of new initiatives to strengthen financial co-operation with China.

The new initiatives include China extending its Renminbi Qualified Institutional Investor (RQFII) to Singapore. This will allow qualified Singapore-based institutional investors to channel offshore RMB from Singapore into China’s securities markets.

In addition, Singapore will be given consideration as one of the investment destinations under the new Renminbi Qualified Domestic Institutional Investor (RQDII) scheme, which will allow qualified Chinese institutional investors to use RMB to invest in Singapore’s capital markets.

And China and Singapore will introduce direct currency trading between the Yuan and the Singapore dollar.
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http://www.todayonline.com/singapore/sin...ties-china