S'pore includes yuan investments in foreign reserves

Singapore

RENMINBI (RMB) financial investments of Singapore's central bank are now included as part of its official foreign reserves (OFR), underscoring the strong economic ties the Republic has with China.

The Monetary Authority of Singapore (MAS) said on Wednesday that its RMB-denominated financial investments are part of its OFR from this month.

The MAS, as the central bank of Singapore, manages Singapore's OFR, and is invested in a diversified range of asset classes and currencies.

A significant portion of the OFR is invested in liquid assets to provide foreign currency liquidity to defend the Singapore dollar and to ensure that money markets and the banking system can function smoothly, said the Ministr…