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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).
At present, the only offshore hub where this can happen is in Hong Kong.
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