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Singapore and China will introduce direct trading between
their currencies, Bloomberg reported. The move is expected to help the
city-state cement its status as Southeast Asia’s yuan trading hub. The two
states also agreed on a 50 billion yuan ($8.2 billion) target for Singaporean
investors to buy into Chinese domestic securities under the Renminbi
Qualified Foreign Institutional Investor program. Under the program,
Singapore will be included in the locations where Chinese institutional
investors can buy securities overseas with the yuan. |
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