Singapore overtakes London as top RMB offshore clearing centre after Hong Kong

April 28, 2014

SINGAPORE – New SWIFT data shows that Singapore’s RMB payments value increased by 375% between March 2013 and March 2014, making Singapore number one in terms of RMB world payments value outside of China and Hong Kong. London overtook Singapore in June 2012, but, since February 2014 has slipped behind.

Singapore's rise bodes well for both London and Frankfurt after confirmation that renminbi clearing centres will be established in both cities, saysTom Halpin, Global Head of Clearing and Foreign Currency Payments at HSBC.

"Singapore's impressive growth as a renminbi clearing centre, since it gained clearing status in May 2013 shows its evolution as a vital hub for global as well as South-East Asian renminbi business,” he said.  “It is particularly interesting to note the increase in the share of payments coming from markets outside China and Hong Kong, as new businesses discover the advantages of making cross border payments in renminbi.”