Pacts include direct trading between currencies, projects in third countries
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Singapore and China have started a new phase in their long history of bilateral collaboration by inking new initiatives that would introduce closer financial cooperation and see them work together on joint projects in third countries in Africa and South-east Asia.
The biggest strides forward yesterday – a day when the two sides put pen to paper on seven deals – were the announcements that the two sides will begin trading directly in each other’s currencies, and that Singapore will be included in a programme that allows financial institutions here to invest up to 50 billion yuan (S$10.2 billion) directly in the Chinese securities market.
They were among the many outcomes from a morning of high-level meetings chaired by Deputy Prime Minister Teo Chee Hean and visiting Chinese Vice-Premier Zhang Gaoli.
Speaking to reporters after the meeting of the Joint Council for Bilateral Cooperation – the top bilateral body – DPM Teo said that this year’s talks were especially significant given that both countries are in transition.
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China, Singapore ink 7 deals to boost ties
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