NINE DRAGONS CONSULTING
  • History
  • Services
  • What Our Clients Say
  • Nine Dragons Blog
  • Contact Us

The De-dollarisation Continues: Singapore and China Launch Direct Currency Trading

28/10/2014

0 Comments

 
Picture
Photo: Reuters
As The Straits Times reports, Singapore and China will launch direct trading between the Singapore dollar and the Chinese renminbi from Tuesday, in a move set to lower currency conversion costs and boost their already strong trading links. 
...
"The Chinese want to look at partners that have a well regulated market and a good reputation as they internationalise the yuan. They look at Singapore and find us a useful partner to have," said Mr Teo at the sidelines of the Joint Council for Bilateral Cooperation (JCBC) - the highest-level bilateral negotiation mechanism. 

Mr Zhang also announced that Singapore has been chosen as one of the investment destinations under the RMB Qualified Domestic Institutional Investor (RQDII) scheme, which will give Chinese institutional investors access to Singapore's capital markets.

China is Singapore's largest trading partner. Singapore was also the largest foreign investor in the world's No. 2 economy last year.

As part of efforts to internationalise the renminbi, China has launched direct trading with several currencies: the euro, the British pound, the Japanese yen and the New Zealand dollar.
...
0 Comments



Leave a Reply.

Nine Dragons Consulting
The History
Our Services
What Our Clients Say
The Charity
Contact Us
Nine Dragons Blog
Terms & Conditions
Privacy Policy
  • History
  • Services
  • What Our Clients Say
  • Nine Dragons Blog
  • Contact Us