A Singapore CNY hub would benefit China’s FX reserves

The South-east Asia city state could well become the next hub for offshore renminbi trade settlement, a move that would help ease China’s FX reserve burden. However, Beijing still needs to see more onshore exporters trading in renminbi.

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Opening up Singapore as another offshore renminbi trade centre should ease China’s foreign exchange (FX) reserves problem, strategist in the region agree. The thoughts comes as news emerges China will soon appoint a Chinese bank to settle renminbi in Singapore.

The Peoples’ Bank of China (PBoC) will soon pick an approved Chinese bank to clear renminbi trades in Singapore, Goh Chok Tong, chairman of the Monetary Authority of Singapore, told the Singapore Business Times today (April 18).

A Singapore CNY hub would benefit China’s FX reserves

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A Singapore CNY hub would benefit China’s FX reserves

Thanks for your interest in Euromoney!To unlock this article:

Regulators should be upfront with taxpayers – and admit all deposits are guaranteed

The Danish Compromise tests Europe’s appetite for regulatory easing

What can US bankers really expect from Trump’s deregulation impetus?

Prem Natarajan on Capital One’s AI stairway to heaven

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