Launch of renminbi clearing in Singapore could spur RMB commodity derivative market

singapore-introduction

The introduction of renminbi clearing services in Singapore represents a major milestone in Singapore's development as an offshore RMB hub and will open up the currency to new users, say market participants.

RMB clearing went live on May 27, with ICBC designated by the People's Bank of China to clear RMB-denominated trades in Singapore.

"The currency is going through a process of internationalisation and being used increasingly for trade and investment purposes by a wider number of economic agen

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