Standard Chartered has launched the issuance of an offshore renminbi (CNY) denominated senior unsecured notes to be listed on and cleared via the Singapore Exchange (SGX).
This launch supports Singapore’s standing as an international financial centre and as a centre for offshore RMB, The Asset reported.
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Standard Chartered Bank Singapore CEO, Ray Ferguson, said: "We see this as another milestone for Singapore in the development of its status as an offshore renminbi hub.
"Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading."
Ferguson added, "Singapore’s contribution to the development of the renminbi is further enhanced by this issuance."
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