23 Dec '11, 12pm

China's yuan trades big in Singapore

China's yuan trades big in Singapore

SINGAPORE: Foreign exchange trading of the Chinese currency, yuan is taking on in a big way in Singapore. Total yuan trade in Singapore swelled to S$428 billion in 2011, a 10-fold jump from last year. This cements Singapore's position as the second biggest offshore centre for yuan trade after Hong Kong. Analysts said there is still more room for the yuan market to develop in Singapore. Capital controls in China have been a stumbling block for foreign investors to gain access to the yuan. But in 2009, China began to allow its currency to be used to settle international trades. This is through a scheme which allows several Chinese cities along with Hong Kong, Macau and some Southeast Asian countries like Singapore to be centres for yuan trade. Singapore's reputation as a major trade redistribution centre and a gateway to ASEAN has managed to attract a steady stream of invest...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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