Singapore faces clearing bank hurdle to rival renminbi plans

Singapore is hoping to become the second offshore renminbi financing centre, and could set up its own renminbi clearing bank soon. But the odds are stacked against it becoming a real rival to Hong Kong, said an analyst at Deutsche Bank this week.

  • 26 May 2011
Most analysts agree that Singapore needs to set up its own clearing bank before it can start to rival Hong Kong as a destination for offshore renminbi financing. The clearing bank acts as a conduit of renminbi into and out of China — and without one, growing business ...

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