FX VOICE: Singapore's CNH status
ICBC’s Singapore branch can now provide renminbi cross-border settlements. What factors will help Singapore to rival Hong Kong as a renminbi hub and what will it mean for the CNH? CT asks the experts
Dariusz Kowalczyk, senior economist, Asia ex-Japan, Credit Agricole (pictured):
China has been making quick progress in internationalising its currency. Following the establishment of the offshore deliverable market in Taiwan in February, the People’s Bank of China (PBOC) signed an agreement with the Monetary Authority of Singapore last week on setting up a similar market there.
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