MAS: Chongqing township, new yuan quotas big boost to S'pore-China financial links

Singapore

SINGAPORE will enjoy a large boost in quota under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme, and benefits at Singapore-China's third joint project, in Chongqing, the Monetary Authority of Singapore (MAS) said on Monday.

These are part of the slew of high-level agreements that emerged from the recent state visit by the Chinese President Xi Jinping, and that are expected to boost market connectivity and cross-border yuan flows between the two countries.

Singapore's quota for the RQFII will be doubled to 100 billion yuan, which MAS said reflects strong interest from fund managers to invest in China. Fund managers that hold an RQFII licence can trade offshore yuan funds in China's securities markets within approv…