SINGAPORE - The Singapore Exchange (SGX) said on Friday it is extending its collaboration with the Bank of China (BOC) in growing the renminbi market.

The two will look into developing more yuan-denominated products, such as commodities and derivatives contracts, and enhancing the clearing and settlement services for China's currency. They will also look at greater access to growth opportunities in China and Singapore markets through joint marketing initiatives.

The collaboration is an extension of BOC and SGX's memorandum of understanding (MOU) that was first signed in 2013.

The agreement for collaboration was signed on Friday in Singapore and witnessed by BOC president Chen Siqing and SGX CEO Magnus Bocker.

BOC is SGX's first Chinese settlement bank for its derivatives market and a pioneer market maker for SGX's RMB currency futures. Since their launch in October 2014, SGX RMB futures has traded a total notional value of 35 billion yuan, the exchang said.

BOC's investment banking subsidiary, BOC International Holdings Ltd, also inked its first comprehensive collaboration with an exchange that will see it take up SGX membership and market making arrangements.