Forex conversion in China via a RMB clearing bank in Singapore

MAS has invited comments on the proposed criteria and other requirements for banks and merchant banks that wish to conduct forex conversion in China through a RMB clearing bank in Singapore. Comments must be submitted to MAS by 23 May 2013.

The People’s Bank of China (PBC) has appointed the Industrial and Commercial Bank of China Singapore branch (ICBC) as a RMB Clearing Bank in Singapore. Banks in Singapore and the region would be able to carry out RMB transactions through accounts opened directly with ICBC.

Singapore is the first regional financial centre outside China and Hong Kong to have a RMB Clearing Bank. A RMB Clearing Bank in Singapore isexpected to increase market depth and RMB liquidity circulating between Singapore and China.

The Monetary Authority of Singapore (MAS), in consultation with PBC, has proposed certain eligibility criteria and other requirements for banks and merchant banks which wish to carry out forex transactions in China via a RMB Clearing Bank in Singapore…

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