Hong Kong's ambition to become a hub for yuan trading is being challenged by Singapore, which has announced plans to open a Chinese bank to clear yuan trades in the city state.
On Tuesday, the Financial Times reported a source at the Monetary Authority of Singapore (MAS) as saying Beijing would soon appoint a Chinese bank to clear yuan trades in the city state.
This will mean rather than having to route transactions via Hong Kong or commercial banks on the mainland, Singaporean banks will be abl
- Central banks may be thinking wrongly about inflation – Borio
- European Commission announces supervisory agency reforms
- Bank of Russia will be able to handle fallout from failing banks, analysts say
- Riksbank outlines three visions of ‘e-krona’
- All central banks may have to consider crypto-currencies – BIS