Singapore’s central bank opens office in Beijing
(3 June 2013 – Asia) The Monetary Authority of Singapore (MAS) opened an office in Beijing, its third overseas representative office.
Singapore’s central bank said the new representative office will help further strengthen bilateral collaboration with China and other Chinese financial authorities.
'MAS sees great value in establishing a physical presence in Beijing to facilitate future cooperation and regular interactions," said Deputy Prime Minister Tharman Shanmugaratnam who is also MAS chairman.
"We look forward to leveraging this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights."
Bilateral trade between China and Singapore grew by 8.7 percent year- on-year to US$69.3 billion in 2012.
The Industrial and Commercial Bank of China (ICBC), the largest Chinese bank, kicked off its renminbi (RMB) clearing bank services in Singapore this week, making the city state the only country outside China to have a RMB clearing bank. ICBC and Bank of China, two of the Big Four state-owned banks, were both granted qualifying full bank licenses in 2012.
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