Singapore is the first regional financial centre outside China and Hong Kong to have a RMB Clearing Bank. A RMB Clearing Bank in Singapore is expected to increase market depth and RMB liquidity circulating between Singapore and China. The Monetary Authority of Singapore (“MAS”), in consultation with PBC, has proposed certain eligibility criteria and other requirements for banks and merchant banks which wish to carry out forex transactions in China via a RMB Clearing Bank in Singapore (“China Forex Conversion”). Read this article to learn more.
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Region:
China
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Singapore
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