Investment Immigration to Singapore focuses on Singapore's economic news: On October 29, the Industrial and Commercial Bank of China completed the first forward transaction and the first swap transaction of RMB to Singapore Dollar since the launch of direct trading. The bank continuously quoted RMB to Singapore Dollar forward swap transaction prices of various maturities in the market. On the first day of direct RMB to Singapore Dollar trading in the Chinese interbank foreign exchange market, the Industrial and Commercial Bank of China, as a market maker for direct RMB to Singapore Dollar transactions, achieved the first direct transaction after the market opened. On that day, the bank continuously quoted direct prices for RMB to Singapore Dollar in the interbank foreign exchange market, providing liquidity to the market with a total of 60 transactions and a trading volume of 750 million RMB (156 million Singapore Dollars). At the same time, the bank also innovated its quoting methods and optimized quoting efficiency by introducing multiple international foreign exchange market data sources, providing high-quality and efficient market-making services to the interbank foreign exchange market at an industry-leading quoting level.
A relevant person in charge of the bank stated that as one of the first market makers for direct RMB to Singapore Dollar transactions in the interbank foreign exchange market, the bank will fully leverage its global market business advantages and rich product and quoting experience, actively fulfill its market-making obligations, and provide continuous bilateral quoting for RMB to Singapore Dollar in the interbank foreign exchange market, thereby providing liquidity to the market. At the same time, the bank will further enhance its quoting capabilities, enrich its product line, and promote the vigorous development of direct RMB to Singapore Dollar transactions.
In recent years, with the deepening of economic and trade exchanges between China and Singapore and the increasing frequency of personnel exchanges, local companies, enterprises, and individuals have increasingly used and accepted RMB in financial activities such as trade, investment, personal settlement, and wealth management. The development of direct RMB to Singapore Dollar trading is conducive to forming a direct exchange rate for RMB to Singapore Dollar, reducing transaction exchange costs, promoting bilateral trade and investment between China and Singapore, and further advancing the internationalization of RMB. On October 28, as the Industrial and Commercial Bank of China completed the first batch of direct RMB to Singapore Dollar transactions, the People's Bank of China designated RMB clearing bank in Singapore—the Industrial and Commercial Bank of China Singapore Branch—completed the first local direct RMB to Singapore Dollar transaction as a member of the China Foreign Exchange Trading System. As the RMB clearing bank in Singapore, the Industrial and Commercial Bank of China Singapore Branch is the only local bank that can directly participate in transactions at the China Foreign Exchange Trading Center, while other local participating banks can obtain direct RMB to Singapore Dollar exchange quotes through the clearing bank.
As of now, the currencies that can be directly traded with RMB in the interbank market include nine currencies: US Dollar, Japanese Yen, Australian Dollar, New Zealand Dollar, Ruble, British Pound, Malaysian Ringgit, Euro, and Singapore Dollar. The Industrial and Commercial Bank of China can provide continuous trading quotes for all these currencies against RMB in the interbank market, making it the commercial bank with the most comprehensive market-making currencies in the interbank market.
