Singapore to Become Yuan Forex Trading Hub

Singapore to Become Yuan Forex Trading Hub

The Monetary Authority of Singapore is in talks with the People?s Bank of China on making the Southeast Asian city a hub for trading of the Chinese currency, the Wall Street Journal reported today.

China?s central bank has been ?receptive? to such a move because Singapore is an international financial center with close ties to China, making it a sensible choice as the second offshore hub for the yuan after Hong Kong, the newspaper said, citing people familiar with the matter.

Source: Singapore to Become Yuan Forex Trading Hub