China is to internationalise its currency further by allowing Singapore-based investors to buy renminbi-denominated securities, paving the way for direct trading between the two countries’ currencies.
The accord follows last week’s announcement from George Osborne, Britain’s chancellor – or finance minister – who touted a similar agreement as a breakthrough for London as a global hub for renminbi trading.
The deals highlight how China has been carefully handling the granting of trading privileges to financial centres jostling to win status as offshore renminbi hubs as use of the Chinese currency outside the country grows.
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