PBOC Chongqing's RMB move expected to boost yuan flows with Singapore

Singapore

In a move seen as boosting cross-border yuan flows between Singapore and Chongqing, the People's Bank of China Chongqing Operations Office (PBOC Chongqing) on Friday announced it will allow eligible corporates and individuals in the Chinese city to conduct cross-border yuan transactions with financial institutions and corporates in Singapore.

PBOC Chongqing's directive was welcomed by the Monetary Authority of Singapore (MAS), which noted that the initiative will facilitate the greater use of yuan in the region and contribute to the growth of the offshore yuan market in Singapore.