10 Apr '11, 1am

Singapore is reportedly in talks with China's central bank, PBOC, to become a second offshore hub for yuan trade

Singapore is reportedly in talks with China's central bank, PBOC, to become a second offshore hub for yuan trade

The Wall Street Journal reported on Saturday that the Monetary Authority of Singapore is in talks with China's central bank, PBOC, to become a second offshore hub for trading the Chinese currency. -- PHOTO: REUTERS BEIJING - CHINA'S central bank is reportedly considering the idea of making Singapore a second offshore hub - after Hong Kong - for trading the Chinese currency. The Monetary Authority of Singapore (MAS) is in talks with the People's Bank of China (PBOC) to become an active market for buying and selling yuan, The Wall Street Journal reported on Saturday. While the Chinese side is 'receptive', no decision is imminent yet, it added, citing unidentified people familiar with the matter. When contacted, an MAS spokesman refused to comment on the Journal's report, saying only that Singapore is 'well-positioned to facilitate trade-linked business flows with mainland Ch...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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