19 Apr '11, 3pm

Chinese yuan set to be international currency, say analysts

SINGAPORE: China is set to designate one bank in Singapore to take on the role of clearing yuan trades as it gradually moves to internationalise its currency. It is believed that either the Bank of China or the Industrial and Commercial Bank of China will be the clearing bank, according to analysts. Some analysts see this as a move by China to reduce its reliance on the greenback as a reserve currency. Thio Chin Loo, Senior FX and Interest Rate Strategist with BNP Paribas, said: "So with the volatility of the US asset market over the last two years, it has probably caused some pain to the external balance sheets and therefore the need to want to diversify FX reserve holdings with the US dollar." China's central bank may also grant the Monetary Authority of Singapore a qualifying foreign institutional investor status which allows the MAS to invest in Chinese financial produ...

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

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