Direct trading of yuan-Sing dollar
CHINA will begin direct trading of the yuan and the Singapore dollar today, the Chinese central bank said yesterday, as China seeks to solidify economic links with the city-state and expand the yuan’s global use.
Yuan-Singapore dollar transactions are available under the China Foreign Exchange Trade System but direct trading means the US dollar will not be used as an intermediary currency to calculate rates, according to a statement the People’s Bank of China.
The move will help reduce exchange costs and facilitate the use of the yuan in cross-border trade, the PBOC said.
“It is an important step in fostering the economic and trade ties between China and Singapore,” the statement said. “The move could help set direct exchange rate between the yuan and the Singapore dollar, and encourage the use of the currencies within bilateral trade and investment.”
China has been pushing for the yuan to be used increasingly in global trade and investment in line with its status as the world’s second-largest economy.
Last month, China started direct trading between the yuan and the euro, following similar arrangements with the Japanese yen, the Australian dollar, the New Zealand dollar and the British pound.
The yuan-Singapore dollar announcement was made during a series of meetings between senior officials from both countries, co-chaired by Chinese Vice Premier Zhang Gaoli and Singaporean Deputy Prime Minister Teo Chee Hean, in Suzhou in Jiangsu Province.
Apart from financial cooperation, China and Singapore also agreed to strengthen partnership in sustainable development, culture and economic transformation.
Both countries signed documents to cooperate in various fields ranging from intellectual property rights and exchange programs between middle-to-senior officials in education and environmental protection.
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