Follow Singapore investment immigration for the latest Singapore news: According to CICC reports, the Singapore Exchange (SGX) and the Bank of China and BOC International signed a cooperation framework in Singapore on April 17 to further strengthen cooperation related to the renminbi and promote joint projects that contribute to the development of bilateral financial markets.
This cooperation framework is an extension of the Memorandum of Understanding (MOU) signed between SGX and the Bank of China in 2013. The main content of the MOU focuses on the joint development of renminbi products and services, as well as mutual assistance in expanding business in China and Singapore.
SGX CEO Magnus Bocker and Bank of China President Chen Siqing witnessed the signing ceremony. In his speech, Chen Siqing stated that the history of the Bank of China’s growth and development in Singapore is an important chapter in the overseas expansion of China's financial industry. Driven by the “Belt and Road” initiative and the internationalization of the renminbi, bilateral relations between China and Singapore will welcome historic development opportunities. The Bank of China will strive to serve the development of Singapore's financial center and the offshore renminbi market, promote comprehensive exchanges and cooperation between China and Singapore, and make greater contributions to the development of both countries and the well-being of their people.
Both parties stated they would work together to develop more renminbi-denominated products, including renminbi-denominated commodity futures and foreign exchange derivatives, and strengthen cooperation in the areas of renminbi clearing and settlement.
Introduction to Singapore Exchange:
SGX was formed through the merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX). It was listed on November 23, 2000, becoming the first exchange in the Asia-Pacific region to be listed through a public offering and private placement. SGX shares are components of benchmark indices such as the MSCI Singapore Free Index and the Straits Times Index (STI).
