SGX, Bank of China sign pact to develop RMB products and services

Singapore Exchange (SGX) signed a memorandum of understanding with the Bank of China (BOC) to develop RMB products and services, as well as to expand business in China and SGX's markets. -- ST FILE PHOTO: KUA CHEE SIONG 
Singapore Exchange (SGX) signed a memorandum of understanding with the Bank of China (BOC) to develop RMB products and services, as well as to expand business in China and SGX's markets. -- ST FILE PHOTO: KUA CHEE SIONG 

Singapore has taken another step to cement its position as one of the leading offshore renminbi (RMB) trading centres.

Singapore Exchange (SGX) today signed a memorandum of understanding with the Bank of China (BOC).

Under the agreement, both sides will cooperate in developing RMB products and services, as well as to expand business in China and SGX's markets.

BOC will also be the first Chinese settlement bank for SGX.

SGX CEO Magnus Bocker said: "With this partnership, our customers can benefit from easier access to China and more tools to manage their risks."

The agreement was signed at a conference organised by BOC at the Shangri-La hotel.

It was attended by Singapore and Chinese government and financial leaders including MAS assistant managing director Leong Sing Chiong, IE Singapore chief executive Teo Eng Cheong, Chinese ambassador to Singapore Duan Jielong and BOC chairman Tian Guoli.