The Bank of China (BoC) has launched the BoC Cross-border Renminbi Index, based on the bank’s insights into the currency transfer process, reflecting RMB’s level of activities in cross-border and overseas transactions.
The Index provides a practical guide for businesses to use cross-border renminbi products and services.
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BoC also signed a memorandum of understanding with the Singapore Exchange (SGX) to cooperate in developing RMB products and services, and expanding business in China and SGX’s markets.
This will make BOC the first Chinese settlement bank for SGX.
"We are delighted to partner Bank of China in growing the markets of the world’s second-biggest economy," said SGX Chief Executive Magnus Bocker.
"With this partnership, our customers can benefit from easier access to China and more tools to manage their risks. We look forward to more of such collaborations as we continue to strengthen and enhance SGX as the Asian Gateway."
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By GlobalDataChinese Ambassador to Singapore, Duan Jielong said, "There is strong trade partnership between Singapore and China and rich prospects lie ahead. With the continuous expansion of RMB use in international trade and investment activities, China and Singapore will definitely see new opportunities for collaboration."
