Singapore aims to be Southeast Asia's yuan hub

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Hot on the heels of London, Singapore will be China's next currency trading partner, in addition to the US, Australia and Japan.

In a statement on Tuesday, the Monetary Authority of Singapore (MAS) said besides direct currency trading, investors in Singapore can channel renminbi from Singapore back into China's securities markets.

Analysts said this further cements Singapore's status as Southeast Asia's yuan hub and the globalisation of China's currency.

Under the move, Singapore-based investors will be able to participate directly in China's onshore capital markets.

Analysts said it also reaffirms the development of Singapore as an offshore renminbi centre, and they are expecting demand for yuan-denominated bonds and other yuan -related products to increase in the coming months.

As the world's second largest economy's currency gains more traction, experts say the competition will inevitably heat up.