Investment Immigration to Singapore focus on Singapore News: To promote bilateral trade and investment between China and Singapore, facilitate the use of the Renminbi and the Singapore Dollar in trade and investment settlements, and meet the needs of economic entities to reduce exchange costs, authorized by the People's Bank of China, direct trading of the Renminbi against the Singapore Dollar in the interbank foreign exchange market has been launched effective October 28, 2014.
The Singapore Dollar has become the third currency this year to achieve direct trading with the Renminbi. Data shows that the total volume of Renminbi clearing in Singapore reached 21 trillion RMB in the first eight months of this year. As of the end of June this year, Renminbi deposits in Singapore reached 254 billion RMB.
Zhang Weiwu, General Manager of the Industrial and Commercial Bank of China (ICBC) Singapore Branch, stated that direct trading between the Renminbi and the Singapore Dollar is conducive to forming a direct exchange rate between the two currencies, reducing transaction exchange costs, simplifying operational processes, and promoting bilateral trade and investment between China and Singapore.
In recent years, the internationalization of the Renminbi has accelerated, and the Renminbi has already achieved direct trading with currencies such as the US Dollar, Euro, Japanese Yen, British Pound, Russian Ruble, Malaysian Ringgit, Australian Dollar, and New Zealand Dollar.
