S'pore remains top offshore RMB hub

[SINGAPORE] The Republic retained its position as the top clearing centre of offshore renminbi (RMB) outside of China and Hong Kong in March, according to latest data by Swift.

The value of Singapore's RMB payments rose more than four-fold, or by 375 per cent, between March 2013 and March 2014, the global transaction services organisation said.

The amount of offshore RMB cleared through Singapore was about 6.8 per cent of the global volume.