http://www.channelnewsasia.com/news/business/singapore/singapore-and-china-to/1437832.html
China will allow direct trading between its currency and the Singapore dollar from Tuesday (Oct 28), making it easier for companies here to do business with their Chinese counterparts.
The announcement came on Monday (Oct 27), after an agreement at the Joint Council for Bilateral Cooperation (JCBC) in Suzhou, co-chaired by Deputy Prime Minister Teo Chee Hean and Chinese Vice Premier Zhang Gaoli.
Previously, companies that wanted to convert a large amount of Sing dollars to renminbi (RMB) or vice versa had to do so via an intermediate currency such as the US dollar.
"This will lower foreign exchange transaction costs and encourage greater use of the two currencies in cross-border trade and investments," the Monetary Authority of Singapore (MAS) said in a news release on Monday.
DPM Teo called this is a "major and significant" development which will reduce the cost of doing business and make it more convenient.
Last year, China was Singapore's biggest trading partner, while the city-state was China's top foreign investor. Mr Teo also noted that Singapore is a major RMB hub for the internationalisation of the Chinese currency.
In other news, WTA Finals commentator mistakes Singapore for China.
WTA Finals commentator Kevin Skinner found himself the target of online backlash after he reportedly signed off from the broadcast on Sunday (Oct 27) saying "Goodbye! From China!". The WTA Finals were held in Singapore.
Several social media users decried the comment as “ignorant” and “awkward”, while the faux pas also triggered responses from blogger mrbrown and television host Hossan Leong.
Eleven hours later, Skinner responded to his on-air gaffe by posting on Twitter, saying that it was "not acceptable" and apologising to those he had offended. He also said he had previously mentioned Singapore 11 times before the slip of the tongue.
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