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Singapore : Singapore has around 60 billion yuan deposits
Publish Date : 14-Jun-2012
Singapore\'s pool of yuan deposits has grown to around 60 billion yuan (S$12 billion), the state-run Xinhua news agency said, citing a senior official from Singapore\'s central bank.
Mr Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), was quoted by Xinhua as saying the growing yuan pool could lead to more investment products.
Singapore can already provide yuan financing needs, Mr Ong said, pointing to the recent yuan bond issuance by Global Logistics Properties and Singamas Container Holdings.
Banks in Singapore have also launched yuan products over the past two years, with some offering access to offshore yuan products in Hong Kong, Xinhua said.
