Singapore Becomes The Second Largest Offshore RMB Trading Center In The World

Here world clothing shoes The Xiaobian of the hat net introduces Singapore as the second largest offshore RMB trading center in the world.

China's rapid commercial ties with Southeast Asia have promoted the use of the renminbi, making Singapore jump over London, becoming the world's second largest offshore renminbi trading centre after Hongkong.

Reported that this development is not only highlighted. RMB The rapid internationalization also highlights how European and Asian financial centres are scrambling to get a slice of the offshore renminbi business.

Two years ago, British Chancellor of the exchequer George Osborn helped build London into a Renminbi trading center and a Chinese investment station to Europe. Since then, London has become a major trading city outside Asia, with the introduction of a series of measures. However, data from the global payment system Swift show that the value of Renminbi payment transactions handled through Singapore increased by 375% in March last year to March this year, exceeding London in February this year.

According to Swift data, Singapore currently accounts for 6.8% of all offshore RMB payment transactions, while London accounts for 5.9%. Hongkong's share is 72.4%. The data gave London a symbolic blow, because the British government often cited Swift data to highlight Britain's dominance in offshore renminbi trading.

More than 40% of global forex trading takes place in London. It is expected that as China gradually opens its capital market and promotes RMB liberalization, the city of London will eventually have similar importance in Renminbi trading.

Singapore is the third largest bank in assets. Bank The amount of Renminbi payment transactions handled by it has increased by more than 88% over the past 10 months. "We anticipate that this growth will continue to be driven by the rapid growth of trade corridors between Southeast Asia and China," said John Kong, director of strategic operations at Dahua bank's banking sector.