The Monetary Authority of Singapore (MAS) will expand financial cooperation with China to build on existing areas of collaboration and facilitate financing and investment activities.
The initiatives discussed at the 16th Joint Council for Bilateral Cooperation (JCBC) between Singapore and China included enhancing RMB liquidity, facilitating efforts by Singapore and Chinese exchanges to collaborate in new areas such as exchange-traded funds, working with the People’s Bank of China to boost cooperation in digital finance to support tourism, trade and e-commerce, and working with Chinese central and provincial counterparts to broaden cooperation in green finance.
MAS also awarded a qualifying full bank (QFB) license to China Construction Bank, under the China-Singapore Free Trade Agreement Upgrade Protocol, and recognized Zhengzhou Commodity Exchange as a market operator, allowing investors in Singapore access to the commodity derivatives markets in China.
«RMB internationalisation and the further opening up of China’s capital markets are two key trends shaping Asia’s financial services landscape over the medium term. Singapore can play a useful role in this transformation, while supporting bilateral growth, and trade and investments between China and Singapore,» Jacqueline Loh, MAS deputy managing director, said in an announcement.
