Singapore eyes regional hub status for offshore RMB

Singapore is aggressively seeking to become a major regional hub for offshore trading of Chinese renminbi as the currency gradually becomes more internationally traded, according to the city-state's deputy prime minister and minister of finance.

Speaking in the opening address at the ACI World Congress in Singapore earlier today, Tharman Shanmugaratnam, who is also chairman of the Monetary Authority of Singapore (MAS), described renminbi as a source of "transformational growth" in Asian finance,