Singapore Benefits from Yuan Market

The use of China’s currency, the yuan, has grown exponentially in recent years. It is now the seventh most-used currency for global payments.

Processing those payments is big business, which is why the world’s major financial centres are racing to grab a slice of China’s fast-growing foreign exchange market.

According to new data, Singapore has overtaken London as the world’s second-largest clearing centre for the yuan, behind Hong Kong.

BBC

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