Rapid Development Of Offshore Renminbi Business In Singapore

According to the latest data from the global banking finance and Telecommunications Association (SWIFT), Singapore handled RMB payment in March this year accounted for 6.8% of the total value of global payments, which increased by 375% over the same period last year. At the same time, London accounted for 5.9% of the total, compared with the same period last year, an increase of 203% over the same period last year. P

This has led to Singapore's return to the world's second largest offshore renminbi clearing center.

Hongkong is still firmly occupied by the first offshore RMB clearing center, which accounts for 72.4% of the world's total value of payments, far ahead of other offshore centers.

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< p > since the people's Bank of China authorized the ICBC to be "a href=" http://www.91se91.com/news/index_cj.asp "Singapore" /a "local RMB business clearing bank in February 2013, the RMB market in Singapore has made rapid progress. In just 9 months, the amount of RMB deposits has reached 200 billion yuan, and the growth rate has reached 70%.

At the same time, the amount of Renminbi Loans Based on trade financing increased by 25% over the same period, reaching 300 billion yuan.

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< p > according to ICBC Singapore branch statistics, the bank began to provide "a href=" http://www.91se91.com/news/index_cj.asp "RMB" /a > liquidation business since the end of May 2013, and completed the clearing volume of RMB 2 trillion and 600 billion yuan to the end of the year in the 7 months.

In the first 2 months of this year, the amount of RMB clearing has reached 4 trillion and 200 billion yuan, increasing rapidly.

As of April 8, 2014, the amount of liquidation has exceeded 10 trillion yuan in less than a year, and the peak value of single day liquidation has increased from the initial 2 billion yuan to the current nearly 300 billion yuan, showing a blowout trend of rapid development.

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< p > Liang Xinsong, assistant director of the Singapore monetary authority, told the media that "a href=" http://www.91se91.com/news/index_cj.asp "," HKMA "/a" is aware of the importance of strengthening the ability of RMB business in Singapore. As a regional financial center, Singapore should provide all kinds of financial products and services, including RMB, of course, so Singapore must strive to expand the scope of RMB business.

Liang Xinsong said that Singapore does not want to compete with other markets in the development of RMB business, but rather hopes to make use of its advantages as a regional financial and trade center to "add value" to the internationalization of RMB.

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< p > Xie Dongming, economist of overseas Chinese Bank of Singapore, believes that the growth of RMB payment in Singapore is mainly driven by trade. The next wave of growth is expected to be driven by investment flows.

Xie Dongming said that as an international financial centre, London has the same potential as Singapore in developing financial products, and the two sides have the same goal of promoting the internationalization of the RMB. A bilateral forum established by the two countries in February this year will be a powerful platform to promote the development and growth of RMB financial products in the international market.

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At the same time, Singapore exchange plans to launch RMB futures contracts in the third quarter of this year, P.

Experts believe that this will provide an effective tool for enterprises to hedge against exchange rate risks and have significant potential for market growth.

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