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Singapore surpasses London as top offshore yuan clearing center
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Singapore overtook London as the top offshore yuan clearing center last month, while the two international financial centers worked on a collaborative approach to assist yuan internationalization, a private report showed.
Singapore's yuan payments value increased 375 percent during the 12-month period ended March 30, making the city state number one in terms of yuan world payments, excluding China's mainland and Hong Kong, the Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report today.
Singapore had 6.8 percent of the overall yuan payment value last month after Hong Kong, which led with 72.4 percent.
London overtook Singapore in June 2012, but since February 2014, it has slipped behind Singapore despite a growth rate of 203 percent year on year. London now has 5.9 percent of the market, according to the report.
“Ever since last year's nomination of ICBC as a clearing bank in Singapore, we have been expecting Singapore yuan payment flows to accelerate, especially as Chinese companies use it as a hub to reach ASEAN countries,” Claus Kwon, head of securities markets for SWIFT in Asia Pacific, said in the report.
“We are now anticipating securities traffic to ramp up as well. In April, the Monetary Authority of Singapore indicated in a speech that they are now looking to expand from a strong base in trade financing to developing a broader range of yuan investment offerings, particularly in capital markets and asset management.”
He added that the United Kingdom and Singapore appear to be taking a collaborative approach to serve yuan internationalization. In February, the UK and Singapore governments announced the new UK-Singapore Financial Dialogue, a private sector forum designed to boost the development of the offshore yuan market.
The yuan strengthened its position as the seventh-ranked global payment currency with record activity share of 1.62 percent last month, up from 1.42 percent in February.
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