Singapore’s yuan-denominated investment quota in China will be doubled to RMB100 billion (US$), Reuters reported, citing the Monetary Authority of Singapore. The announcement followed a Singapore’s hosting of the Presidents of Taiwan and China last week, where the two marked the first meeting between the two sides in 66 years. China and Singapore also agreed to extend to Chongqing municipality the same cross-border yuan initiatives that were now in place for Suzhou and Tianjin. “This means, for example, that Singapore-based banks will be allowed to lend [yuan] to companies in Chongqing and Chongqing-based companies may issue [yuan] bonds in Singapore and fully repatriate the proceeds,” the central bank said.
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