Go Finance Reporting in SINGAPORE - Singapore, Hong Kong will follow the steps to become clearinghouses for the yuan, China's currency.
"Singapore does not intend to rival Hong Kong on the yuan trade in this. But it intends to facilitate transactions in this currency for business interests in Asia,"said Singapore's Senior Minister Goh Chok Tong, who is also chairman of Singapore's central bank and former prime minister as reported by the AP.
Bank of China will adjust the yuan trade in Singapore. Unfortunately, not specifically mentioned in which the yuan trades will begin.
China now is being made to make its currency more widely and easily available. Earlier this week, China and New Zealand withdraw currency swap valued at 25 billion yuan, equivalent to $ 4, 9 billion) to complete the business transaction between the two countries.
China has opened itself for the yuan to be used for settlement of international transactions since 2009. And Hong Kong is the only city outside of China that can transact through banks of Chinese yuan. (GoFinance)
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