Bank of China and Singapore Exchange 2014 October 19, announced that bank of China became the SGX derivatives market the first domestic settlement bank and the SGX's first renminbi futures contract market maker. With the RMB began to gradually move toward internationalization, and as the SGX derivatives market clearing bank, Bank of China can provide to the SGX derivatives clearing and settlement members and clients, such as dollars, US dollar, Japanese yen, euro, RMB, multi currency clearing and settlement services. Singapore is one of the rapidly developing offshore RMB centers. According to the Financial Management Bureau of the data, the end of the month of Singapore's RMB deposits reached 254000000000 yuan, climbed to a new high.
Bank of China as the SGX renminbi futures contract market maker will play the advantages of the RMB and foreign exchange business, and the SGX to jointly develop the renminbi futures investment group, RMB consumers, investors, provide risk management tools. Bank of China is also the Chicago Mercantile Exchange and the exchange of RMB futures market maker.
The SGX day also announced that some kinds of new Asian currency futures contracts, including with the yuan dollar / offshore renminbi and RMB / dollar futures contracts. These foreign exchange contracts began trading in October 20th.
SGX also announced that the RMB cash collateral included in the financing of derivatives acceptable margin collateral scope to raise Renminbi denominated settlement efficiency of products. It will also promote the use of the renminbi in the liquidity and mortgage management.
Tian Guoli, chairman of the Bank of China, said the renminbi as an important international currency is becoming more and more fast, and has become an important force to maintain the stability of the global financial. The Bank of China will continue to unswervingly push the RMB internationalization process, and strengthen cooperation with the world's major investors, import and export services and exchanges, enhance the use of RMB in cross-border trade and foreign investment activities.