Illustrative image (Source: AFP) Singapore and China on October 13 agreed to new initiatives to further promote the international use of Chinese yuan through Singapore.
The Monetary Authority of Singapore (MAS) said existing cross-border yuan initiatives between Singapore and the China-Singapore Suzhou Industrial Park and Singapore-Sino Tianjin Eco-City will be expanded to the cities of Suzhou and Tianjin.
Specifically, banks in Singapore will be able to provide loans in yuan for corporates across Suzhou and Tianjin, and corporates in Suzhou and Tianjin will be able to issue yuan bonds in Singapore.
The agreement was reached at the 12th Joint Council for Bilateral Cooperation (JCBC), co-chaired by Singapore Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean and China’s Vice Premier of the State Council Zhang Gaoli.-VNA
