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Singapore Becomes The World'S Second Largest Offshore RMB Center

2014/4/30 20:48:00 18

The data released by the Financial Communication Association (SWIFT) on the 28 day of "P < a href=" //www.sjfzxm.com/news/index_c.asp "World Bank" /a show that in March this year, the amount of Renminbi payment handled by Singapore increased by 375% compared to the same period last year, which surpassed London for second consecutive months and became the second largest offshore RMB center in Hongkong. 
 data show that in March Singapore accounted for 6.8% of the world's total RMB settlement and payment, which was more than 5.9% of that of London. Hongkong is still the largest offshore RMB center, which accounts for more than 72% of the total global payment. 
Claus power, head of Asia Pacific Securities market, said that since last year, ICBC (601398, Ba Ba) Singapore branch was designated as the RMB clearing bank in Singapore, the agency expects that the payment level of RMB in Singapore will be raised in P SWIFT. 
 SWIFT predicts that Singapore will further develop on the basis of a href= "//www.sjfzxm.com/news/index_c.asp" > trade financing < /a >, and develop more RMB investment products, especially in capital market and asset management. 
Last February, the people's Bank of China authorized the ICBC Singapore branch as the clearing bank of RMB business, becoming the first clearing bank designated outside China, < a href= "//www.sjfzxm.com/news/index_c.asp" > RMB < /a > P. ICBC Singapore Branch announced at the beginning of this month that the bank has completed liquidation amount of 6 trillion and 900 billion yuan in the first quarter of this year, which is 2.7 times the amount of RMB clearing last year. 
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 according to the documents issued by the HKEx, the four futures will soon be different from the traditional LME commodity futures. From the point of view of the contract units, the three London metal futures contracts proposed by the HKEx are aluminum, copper and zinc, which are all "mini contracts". The contract units are 5 tons / hand, far less than the traditional 25 ton / hand contract units in LME. 
 from the way of settlement and settlement currency, the three futures contracts are settled in cash instead of physical delivery, and are settled in RMB and the only settlement currency. From the time of spanaction, the three futures contracts are traded from Monday to Friday, from 9 a.m. to 4:15 p.m. (day trading time), from 5 p.m. to 1 a.m. (after the futures trading session). 
 besides the aluminum, copper and zinc futures contracts, the HKEx also introduced API8 power coal futures. As we all know, LME did not include coal futures. Bai Bimei, director of the Asian commodities Department of the Hong Kong stock exchange, said that the reason for this arrangement is the demand in the market. After all, China is the largest consumer of coal in the world. "We have done related calculations before, and there are strong demand for these contracts in the market." 
P, an anonymous reporter, said that compared to LME, the mini contracts, RMB settlement, coal futures and trading hours covering the main trading periods in Asia and Europe are all more distinctive than those in the four contracts launched by the HKEx. These will increase the market attractiveness of their futures contracts.