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Chinese RMB starts direct trading with Singaporean dollar
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CHINA kicked off direct trading between its currency and the Singaporean dollar from today, the national foreign exchange market’s operator said, as China seeks to broaden the yuan’s global usage.
The China Foreign Exchange Trade System already offers a platform for yuan-Singaporean dollar transactions while direct trading means the US dollar will not be used as an intermediary currency to calculate rates, according to a statement released today.
The authority said the move aimed to promote bilateral trade and investment, facilitate the use of yuan in cross-border trade and lower conversion costs.
Singaporean dollar becomes the latest foreign currency with direct trading link with the Chinese yuan after China has allowed such transaction for Japanese yen, Australian dollar, New Zealand dollar, British pound and euro since 2012.
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