Central Banking

Singapore challenges Hong Kong over global yuan hub status

singapore

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

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