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  • Singapore and China have announced new initiatives to boost the internationalisation of renminbi (RMB) through the city-state.
  • The global financial crisis has accelerated the transition to a multipolar and multi-currency system, with the RMB being one if its new components, according to former Bank of Pakistan governor Yaseen Anwar, now a consultant for ICBC.
  • The public perception of the renminbi has become more sceptical following the events in China’s equity and currency markets over the summer. Although this will create headwinds to the currency’s internationalisation, market participants are confident in China’s ability to overcome them.
  • The successful launch of the Shanghai-Hong Kong Stock Connect last year is spurring the development of new trading links in Asia. But several obstacles stand in the path of more stock market linkages, according Carol Hsu, Professor in the Department of Information Management, National Taiwan University.
  • In this round-up, Hong Kong RMB clearing dropped in September, Macau's RMB deposits and cross-border settlement also fell in July, South Korea's RMB deposits kept contracting in September, and Bank of China Budapest branch formally launched RMB clearing services.
  • The Shanghai pilot free trade zone (FTZ) turned two years old at the end of September. In the same month a number of new reforms and milestones were announced, showing the first FTZ still has traction as a business centre for local and foreign businesses in China.