- POSTED: 01 Jul 2014 18:26
- UPDATED: 02 Jul 2014 08:38
Banks in Singapore held RMB 220 billion worth of yuan deposits at the end of March, up from RMB 195 billion at the end of December.
SINGAPORE: Banks in Singapore held RMB 220 billion worth of yuan deposits at the end of March, up from RMB 195 billion at the end of December, according to newly published data from the Monetary Authority of Singapore (MAS).
MAS said the quarterly figure for yuan deposits will be published two months after the end of each quarter, on the last working day of that month. This means that the data for end-June will be published on August 29.
Singapore is vying to become a major offshore trading centre for the Chinese yuan, or renminbi, as China liberalises the use of its currency for international trade.
Last month, Singapore and China announced a new initiative to allow eligible companies and individuals in the Suzhou industrial park to conduct cross-border RMB transactions with Singapore.