INQUIRER.net: China, Singapore to allow direct trading between currencies

INQUIRER.net Philippine News for Filipinos

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China, Singapore to allow direct trading between currencies Oct 22nd 2013, 22:26 SINGAPORE—China and Singapore have agreed to allow direct trading between each other's currency, Singapore's central bank said Tuesday.   The move, along with other agreements on financial cooperation, is expected to bolster Singapore's status as a leading offshore trading center for the Chinese yuan, officially called the renminbi(RMB).   "China and Singapore will introduce direct currency trading between the Chinese yuan and Singapore dollar," the Monetary Authority of Singapore (MAS) said in a statement, adding that details will be announced separately.   The statement was issued after a meeting between senior officials from both countries led by... Keep on reading: China, Singapore to allow direct trading between currencies Media files: yuan-and-singapore-dollar.jpg (image/jpeg)

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