SINGAPORE: Singapore and China today agreed on new initiatives to strengthen cooperation in financial sector development and regulation.
An agreement in this regard was reached at the 10th Joint Council for Bilateral Cooperation (JCBC), co-chaired by Singapore Deputy Prime Minister, Teo Chee Hean, and China Vice Premier of the State Council, Zhang Gaoli.
The new initiatives would further promote international use of the Chinese currency Renminbi (RMB) or yuan through Singapore, said the Monetary Authority of Singapore (MAS).
China would extend its Renminbi Qualified Foreign Institutional Investor (RQFII) programme to Singapore, with an aggregate quota of 50 billion yuan.
This would allow qualified Singapore-based institutional investors to channel offshore yuan from Singapore into China's securities markets, said MAS, the city-state's de facto central bank.
The measure would help to broaden the universe of assets available to Chinese investors as well as the investor base for Singapore's capital markets.
As part of the agreement, China and Singapore would introduce direct currency trading between the Chinese yuan and Singapore dollar.
New measures were also being studied to allow cross-border flows of yuan between Singapore and Suzhou Industrial Park ( SIP) as well as Tianjin Eco-City (TEC), the two being Singaporean investment projects in China. Furthermore, Singapore and China also announced measures to strengthen regulatory cooperation.
The MAS said the relevant agencies were in discussions to facilitate China-incorporated companies which have received regulatory approval to list directly in Singapore, instead of through entities incorporated outside China.
The Singapore Exchange and Shanghai Futures Exchange have signed an Memorandum of Understanding (MoU) to strengthen collaboration in the joint development of commodity derivatives.
Likewise, Singapore and China agreed to strengthen cooperation in banking regulatory issues, through exchanges and dialogues on topics of shared interest, and enhanced coordination on international regulatory issues.
MAS Managing Director Ravi Menon, said, "2013 has been a most productive year for financial cooperation between Singapore and China. These initiatives would not have been possible without the excellent relations between MAS and our central bank and regulatory counterparts in China."
indiatimes.com
An agreement in this regard was reached at the 10th Joint Council for Bilateral Cooperation (JCBC), co-chaired by Singapore Deputy Prime Minister, Teo Chee Hean, and China Vice Premier of the State Council, Zhang Gaoli.
The new initiatives would further promote international use of the Chinese currency Renminbi (RMB) or yuan through Singapore, said the Monetary Authority of Singapore (MAS).
China would extend its Renminbi Qualified Foreign Institutional Investor (RQFII) programme to Singapore, with an aggregate quota of 50 billion yuan.
This would allow qualified Singapore-based institutional investors to channel offshore yuan from Singapore into China's securities markets, said MAS, the city-state's de facto central bank.
The measure would help to broaden the universe of assets available to Chinese investors as well as the investor base for Singapore's capital markets.
As part of the agreement, China and Singapore would introduce direct currency trading between the Chinese yuan and Singapore dollar.
New measures were also being studied to allow cross-border flows of yuan between Singapore and Suzhou Industrial Park ( SIP) as well as Tianjin Eco-City (TEC), the two being Singaporean investment projects in China. Furthermore, Singapore and China also announced measures to strengthen regulatory cooperation.
The MAS said the relevant agencies were in discussions to facilitate China-incorporated companies which have received regulatory approval to list directly in Singapore, instead of through entities incorporated outside China.
The Singapore Exchange and Shanghai Futures Exchange have signed an Memorandum of Understanding (MoU) to strengthen collaboration in the joint development of commodity derivatives.
Likewise, Singapore and China agreed to strengthen cooperation in banking regulatory issues, through exchanges and dialogues on topics of shared interest, and enhanced coordination on international regulatory issues.
MAS Managing Director Ravi Menon, said, "2013 has been a most productive year for financial cooperation between Singapore and China. These initiatives would not have been possible without the excellent relations between MAS and our central bank and regulatory counterparts in China."
indiatimes.com
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