On Friday, the Monetary Authority of Singapore (MAS) announced more initiatives to promote Singapore as an offshore yuan hub. It will launch on July 1 a new facility to provide overnight yuan liquidity to financial institutions in Singapore.
Meanwhile, the Nanjing branch of the People’s Bank of China (PBOC) will start allowing eligible companies or individuals in the Suzhou Industrial Park to carry out cross-border yuan transactions with Singapore.
These are just the latest developments in the rapid growth of the offshore yuan market in Singapore. We trace the timeline of Singapore’s journey towards becoming a top destination for offshore yuan transactions:
Feb 8, 2013: People’s Bank of China (PBOC) appoints ICBC’s Singapore branch as the yuan clearing bank in Singapore.
Singapore"s journey towards becoming a top offshore yuan hub