HKEx and SGX to co-operate on RMB internationalisation,connectivity

SINGAPORE – The stock exchanges of Hong Kong and Singapore today signed an MoU to co-operate in several areas of common interest, including promotion of the internationalisation of the Renminbi by exploring joint product development, enhancing connectivity in each other’s data centres, and collaborating on technology development and regulatory issues.

In a joint statement, the exchanges said their co-operation underlined the growing importance of regional dialogue on topical issues and opportunities in an industry where rapid advancements in market technologies, the impact of supra-national regulations and the international evolution of the offshore Renminbi market were on the agenda for market operators, regulators and participants alike.

HKEx Chief Executive Charles Li said the MoU would allow HKEx to build on Hong Kong's position as the premier offshore Renminbi centre by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore Renminbi. “We are also very pleased to establish a framework for co-operation with SGX on global regulatory issues and technology development, two critical areas for exchanges," he added. www.hkexgroup.com www.sgx.com (ATI).