RMB TRADING COMES TO SINGAPORE – MAJOR EXPANSION TIPPED

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April 2, 2013

SINGAPORE – The offshore RMB market launched in Singapore today (Tuesday) with the People’s Bank of China (PBOC) announcing that it has signed an agreement allowing ICBC Singapore Branch, through both an agency bank and a clearing bank model, to provide cross-border RMB trade settlements. Commenting on the move, ANZ Bank said it expected Singapore’s RMB business will grow quickly. Earlier, the PBOC and the Monetary Authority of Singapore expanded their bilateral currency swap line to RMB300 billionn.