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Singapore and London can jointly boost awareness of yuan market developments

THE Association of Banks in Singapore and City of London Corporation on Tuesday said that Singapore and London can work together in raising users' awareness of offshore yuan market developments.

The joint statement followed the Singapore-London Renminbi Forum held in Singapore on Tuesday. The meeting was attended by senior representatives from16 financial institutions from Singapore and London. It was closed to the media.

"Forum participants expect continued robust growth in the offshore RMB (renminbi) market in 2015," the statement said.

"In particular, the RMB is expected to make considerable headway as an investment currency, and in the future, as a reserve currency, reaping the benefits of favourable policy and market infrastructure."