A REGIONAL GATEWAY FOR RMB. Singapore

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1 A REGIONAL GATEWAY FOR RMB Singapore

2 GROWING INTERNATIONAL AND REGIONAL ROLE OF THE RMB Rising Potential for International use of RMB China accounts for more than 10% of global trade and investment flows but less than 1% of global payments are conducted in RMB Rising trade between China and Asian countries, especially in Southeast Asia ASEAN is China s 4 th largest trading partner China s Outbound Foreign Direct Investment increased seven-fold in seven years, reaching USD 77 billion in 2012 Singapore can leverage on its strengths as a key wholesale funding centre to increase liquidity and circulation of the RMB in Asia. We are already seeing good growth in RMB deposits, both non-bank and interbank. We are also one of the largest centres for RMB payments As a major regional funding centre, Singapore has traditionally supported the liquidity of the Asian markets and can partner China in promoting sustainable offshore use of the RMB. Keynote address by Singapore s Deputy Prime Minister, Mr Tharman Shanmugaratnam, at the ACI (The Financial Markets Association) 52nd World Congress, Singapore

3 JOURNEY AS AN OFFSHORE RMB CENTRE 8 February 2013 People s Bank of China (PBC) appointed the Industrial & Commercial Bank of China (Singapore branch) as the RMB Clearing Bank for Singapore. 8 March 2013 PBC and MAS expanded the bilateral currency swap arrangement, doubling the size of the swap to RMB 300 billion. The scope of the swap was also expanded to allow provision of liquidity support by MAS. 2 April 2013 PBC and MAS signed a Memorandum of Understanding (MOU) on RMB Business Cooperation. Both central banks committed to work closely in developing the RMB market in Singapore under the MOU. Singapore up in the ranks as a key offshore RMB Centre Consistently amongst top 2 offshore RMB Centres (outside Hong Kong) by SWIFT RMB payments value. Largest corridor for RMB Letter of Credits (LCs) outside Hong Kong, accounting for more than 20% of all RMB-denominated LCs globally

4 PROMOTING REGIONAL USE OF THE RMB Well-placed to play a key role in RMB internationalization Key Trading & Investment Partner of China China-Singapore trade exceeded USD 78 billion, constituting close to 20% of China-ASEAN trade. Singapore is also China s 4th largest source of foreign direct investments. Regional HQ and Treasury Centre More than 4,000 Chinese companies have set up in Singapore, alongside other global multi-national corporations. Many have also established treasury and trading operations here. Top Commodity Trading & Derivatives Hub Singapore is the world s top bunkering hub, major oil refining centre and a key venue for trading, blending and distribution of oil products to the rest of Asia. Singapore is also the Asia Pacific centre for the pricing of oil and rubber. International Financial Centre for the Region World-class trade finance and transaction banking teams in Singapore can facilitate banking and financing needs of international and regional companies. Benefits to companies for transacting in RMB through Singapore: Increased access to RMB liquidity through RMB Clearing Bank Single-location management of multiple currencies (including RMB), coupled by convenient access to hedging and cash management solutions Reduced FX risks and costs for trade and investments Lower pricing offered given simplified payment process for dealing in RMB, Chinese companies typically offer discounts for RMB-denominated invoices Enlarged pool of clients/business partners in China for companies interested in conducting business in China

5 LEVERAGING SINGAPORE S FINANCIAL CENTRE STRENGTHS Regional funding centre with strong banking infrastructure USD 1 trillion Asian Dollar Market plays a critical role in serving the funding needs of financial institutions and companies in Singapore and beyond. More than 700 financial institutions use Singapore as their regional platform to access the Asian region. Top FX Centre and Innovation Hub for RMB products Singapore is amongst the top 4 most active foreign exchange and derivatives trading centres in the world with a daily turnover of more than USD 360 billion. Singapore is also the largest OTC interest rate derivatives trading centre in Asia ex Japan. Large pool of asset and wealth managers with strong China investment capabilities Singapore-based fund managers manage more than USD 1.2 trillion in assets, of which more than 80% of was sourced from outside Singapore. Close to USD 4 billion in Qualified Foreign Institutional Investors investment quota has been awarded to asset managers in Singapore. With a reputation for stability and sound governance, Singapore has developed into an international private banking centre, providing access to regional investment opportunities.

6 LEVERAGING SINGAPORE S FINANCIAL CENTRE STRENGTHS Proven location for RMB fund raising, conducive also to investors Singapore is a proven location for RMB bond issuance, having witnessed the successful issuance of RMB bonds substantially arranged by banks in Singapore. Qualifying Debt Securities scheme offers cost-savings to institutional investors of bonds (including offshore RMB bonds). Ready for RMB Equities Market Singapore Exchange (SGX) is Asia s most international exchange, consisting close to 40% in foreign listings. SGX is able to provide listing, quoting, trading, clearing and settlement services for securities denominated in RMB. Issuers listing RMB securities on SGX can also offer dual currency trading, for flexibility to trade in RMB, Singapore Dollar or supported foreign currencies.

7 KEY FEATURES OF SINGAPORE S RMB MARKET Greater access to RMB liquidity The RMB Clearing Bank will provide greater access to RMB liquidity in China through its access to financial markets in China. Under the bilateral currency swap arrangement between MAS and the People s Bank of China, MAS can extend additional liquidity support to the market via the establishment of the MAS RMB Liquidity Facility. Enhanced convenience for RMB trade settlement The RMB Clearing Bank, with its access to payment systems in China, will be able to facilitate direct payments into China by its participating banks. Companies will be also be able to tap on the RMB trade settlement quota to obtain RMB from China s foreign exchange market for the settlement of eligible cross-border goods trade. Suite of RMB investment channels and products Singapore-based banks are eligible to apply for an investment quota from the PBOC to invest in onshore interbank bonds under the scheme for investment in the interbank bond market. Singapore-based companies (including foreign companies operating as branch or subsidiary in Singapore) will be able to undertake RMB Foreign Direct Investment into China, with expedited approval at the local provincial level for investments below RMB 300 million.

8 CONTACT INFORMATION For general queries, please write to the Quality Service Manager at For media queries, please write to SINGAPORE HQ: Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore Tel: (65) Fax: (65) MAS BEIJING REPRESENTATIVE OFFICE: Unit 1458, Level 14, China World Office 1, 1 Jianguomenwai Avenue, Chaoyang District, Beijing 中 国 北 京 市 朝 阳 区 建 国 门 外 大 街 1 号 国 贸 写 字 楼 1 座 14 层 1458 室 邮 编 General line: (86 10) Fax: (86 10) MAS LONDON REPRESENTATIVE OFFICE: 1 st floor Old Change House 128 Queen Victoria Street London EC4V 4BJ Tel: (44) (0) Fax: (44) (0) NEW YORK REPRESENTATIVE OFFICE: 17 State Street, 25 th floor New York, NY Tel: (212) Fax: (212)

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