10 Apr '11, 1am

@pn_sarin u were right - today's headlines - S'pore in talks to be offshore yuan hub"

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 yesterday. 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 China'. If Singapore becomes a centre for offshore yuan trading, tipped to nearly double in daily volumes to US$1 billion (S$1.26 billion) by the end of the year, its status as the largest forex trading centre in Asia ou...

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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

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