Singapore Seeking More Yuan Flows As China Internationalizes Currency

The opening of the Monetary Authority of Singapore’s first representative office in Asia in Beijing on Tuesday is being seen by the financial industry as a sign of Singapore’s readiness to play a bigger role in the yuan’s internationalization.

The development is also viewed by Chinese and Singaporean officials as a milestone in further strengthening bilateral financial cooperation.

The Beijing office is the authority’s third overseas after London and New York.

“We look forward to taking full advantage of this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights,” Tharman Shanmugaratnam, deputy prime minister of Singapore and minister for finance, said in Beijing.

Shanmugaratnam, who is also chairman of the Monetary Authority of Singapore, said financial cooperation has become an increasingly important pillar in the relationship between China and Singapore.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu