Singapore looking to bigger role in internationalization of Chinese currency

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http://business.asiaone.com/news/singapore-looking-widen-its-yuan-role

The opening of the Monetary Authority of Singapore's first representative office in Asia in Beijing on Tuesday is being seen by the financial industry as a sign of Singapore's readiness to play a bigger role in the yuan's internationalization.

The development is also viewed by Chinese and Singaporean officials as a milestone in further strengthening bilateral financial cooperation.

The Beijing office is the authority's third overseas after London and New York.

"We look forward to taking full advantage of this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights," Tharman Shanmugaratnam, deputy prime minister of Singapore and minister for finance, said in Beijing.

Six of the top 10 Chinese banks have a presence in Singapore, while three Singaporean banks have a presence in 15 Chinese provinces.

Shanmugaratnam said, "There is potential to further these financial interconnections as China gradually widens and deepens its financial markets."