6th July 2012, 11:27 PM
Chinese bank in S'pore to be clearing bank for RMB
Singapore will grant qualifying full bank licenses (QFBs) to two China-based banks and one of them will be authorised as a clearing bank for the yuan.
Chinese bank in S'pore to be clearing bank for RMB - Channel NewsAsia
No need to guess which is the clearing bank for the yuan. It is Bank of China. What else?
This statement may not be correct:- "Singapore has got an edge over rivals London and Sydney to become the second offshore yuan centre, after Hong Kong."
Actually HK is part of PRC. Thus Singapore is the 1st off shore yuan centre.
This is important to Singapore's growth as financial hub. It is a good thing. Guess the granting of QFB is a quid pro quo in exchange for the offshore yuan centre status.
Last edited by ricohflex; 7th July 2012 at 10:01 AM.