China Extends Sphere of Influence in Asia by Stitching Closer Ties with Singapore
by
George Tchetvertakov
As China's economic mass continues to expand, its influence on neighbouring countries and world markets is following suit. With Yuan liberalisation continuing at a measured pace, Singapore is in a prime position to benefit.
China has signed yet another bi-lateral agreement with a foreign nation with the aim of further expanding its sphere of influence in Asia, as well as raising the level of influence its own currency (the yuan) has on a global stage.
According to a statement by the Monetary Authority of Singapore (MAS), Singapore and China today signed an agreement designed to “strengthen financial cooperation through new path-finding initiatives in the offshore Renminbi (RMB) market, capital markets and insurance." The agreement was reached at the 11th Joint Council for Bilateral Cooperation (JCBC) meeting held in Suzhou, China, and co-chaired by Singapore Deputy Prime Minister, Mr. Teo Chee Hean and China's Vice Premier, Mr Zhang Gaoli.
One of the major ‘initiatives’ announced as part of the closer ties between the two Asian financial powerhouses is the introduction of “direct currency trading between the Chinese yuan and Singapore dollar” scheduled for October 28th 2014. It is hoped that the direct link will “lower foreign exchange transaction costs and encourage greater use of the two currencies in cross-border trade and investments," according to the MAS.
Another major initiative is to allow Chinese financial firms to issue RMB-denominated debt directly in Singapore. Such a move is likely to "diversify long-term funding for Chinese financial institutions by allowing them to tap into the international institutional investor base in Singapore," says the MAS. In a broader sense, cross-border links of this kind represent a Bridge between the traditionally prominent financial centres in Europe and the US with that of Asia - specifically China.
Furthermore, the two countries also agreed to strengthen ties in both the capitals' markets and insurance niches of financial services. The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) agreed to review measures to enhance collaboration between the derivatives markets of Singapore and China. In parallel, MAS and the China Insurance Regulatory Commission (CIRC) plan to explore collaborative initiatives in the area of catastrophe risk insurance.
In her 28th year at the MAS, Deputy Managing Director, Ms. Jacqueline Loh, said: “Financial cooperation has become a pillar for Sino-Singapore bilateral relations. The successful implementation of the financial cooperation initiatives and the new areas of cooperation agreed at the 11th JCBC meeting bear testament to the excellent relations between MAS and its counterparts in China. As China proceeds with its structural transformation and financial reform, financial cooperation between the two countries will grow in importance and mutual benefit.”
When evaluating previous initiatives between the two countries, the MAS identifies two specific reasons for cheer. About 30 companies from the Suzhou Industrial Park and Tianjin Eco-city have borrowed nearly RMB 2 billion from banks in Singapore through the cross-border RMB lending initiative; and 7 Singapore-based institutional investors have received approval from the CSRC to participate in the RMB Qualified Foreign Institutional Investor scheme.
China has signed yet another bi-lateral agreement with a foreign nation with the aim of further expanding its sphere of influence in Asia, as well as raising the level of influence its own currency (the yuan) has on a global stage.
According to a statement by the Monetary Authority of Singapore (MAS), Singapore and China today signed an agreement designed to “strengthen financial cooperation through new path-finding initiatives in the offshore Renminbi (RMB) market, capital markets and insurance." The agreement was reached at the 11th Joint Council for Bilateral Cooperation (JCBC) meeting held in Suzhou, China, and co-chaired by Singapore Deputy Prime Minister, Mr. Teo Chee Hean and China's Vice Premier, Mr Zhang Gaoli.
One of the major ‘initiatives’ announced as part of the closer ties between the two Asian financial powerhouses is the introduction of “direct currency trading between the Chinese yuan and Singapore dollar” scheduled for October 28th 2014. It is hoped that the direct link will “lower foreign exchange transaction costs and encourage greater use of the two currencies in cross-border trade and investments," according to the MAS.
Another major initiative is to allow Chinese financial firms to issue RMB-denominated debt directly in Singapore. Such a move is likely to "diversify long-term funding for Chinese financial institutions by allowing them to tap into the international institutional investor base in Singapore," says the MAS. In a broader sense, cross-border links of this kind represent a Bridge between the traditionally prominent financial centres in Europe and the US with that of Asia - specifically China.
Furthermore, the two countries also agreed to strengthen ties in both the capitals' markets and insurance niches of financial services. The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) agreed to review measures to enhance collaboration between the derivatives markets of Singapore and China. In parallel, MAS and the China Insurance Regulatory Commission (CIRC) plan to explore collaborative initiatives in the area of catastrophe risk insurance.
In her 28th year at the MAS, Deputy Managing Director, Ms. Jacqueline Loh, said: “Financial cooperation has become a pillar for Sino-Singapore bilateral relations. The successful implementation of the financial cooperation initiatives and the new areas of cooperation agreed at the 11th JCBC meeting bear testament to the excellent relations between MAS and its counterparts in China. As China proceeds with its structural transformation and financial reform, financial cooperation between the two countries will grow in importance and mutual benefit.”
When evaluating previous initiatives between the two countries, the MAS identifies two specific reasons for cheer. About 30 companies from the Suzhou Industrial Park and Tianjin Eco-city have borrowed nearly RMB 2 billion from banks in Singapore through the cross-border RMB lending initiative; and 7 Singapore-based institutional investors have received approval from the CSRC to participate in the RMB Qualified Foreign Institutional Investor scheme.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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