Singapore Has Become The Second Largest Offshore RMB Settlement Center.

< p > latest data shows that Singapore has become the second largest offshore RMB settlement center in the world.

Sydney, the financial centre of Australia, will also "catch up".

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P, Singapore's DBS bank, quoted the latest data from the Global Banking Financial Telecommunication Association (SWIFT) on 7 April. Singapore has surpassed London to become the second largest offshore RMB settlement center in the world, second only to Hongkong.

The bank also expects that the amount of Renminbi payments handled by Singapore will continue to rise.

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The data of < p > SWIFT show that in March this year, the amount of RMB payment handled by Singapore increased by 375% over the same period last year, accounting for 6.8% of the total world's total, and 5.9% of that of London.

Hongkong is still the largest offshore renminbi center, which accounts for 72.8% of the global total.

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Zhou Hongli, economist at DBS bank, told China News Agency reporters that based on Singapore's regional advantages, the amount of Renminbi payment handled by Singapore is expected to continue to rise. P

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< p > last year, Singapore established the a href= "//www.sjfzxm.com/news/index_cj.asp" _fcksavedurl= "//www.sjfzxm.com/news/index_cj.asp" > RMB < /a > clearing mechanism. The beneficiaries included large multinational corporations with opening and financing centers in Singapore, which could hedge and optimize their offshore renminbi receipts and payments.

At the same time, Chinese enterprises with procurement offices in Singapore are also benefiting from them. They purchase raw materials from Southeast Asia and trade settlement mainly with offshore renminbi.

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< p > Zhou Hongli said, "a href=" //www.sjfzxm.com/news/index_cj.asp "_fcksavedurl=" //www.sjfzxm.com/news/index_cj.asp "> Singapore < /a > as the financial center of ASEAN will promote the use of RMB in China ASEAN trade.

China's exports to ASEAN increased from 22 billion 200 million yuan in 2000 to 199 billion 400 million yuan in 2013. Since 2012, ASEAN has surpassed Japan to become the second largest import market in China.

In the future, more companies are expected to make use of offshore RMB settlement to reduce < a href= "//www.sjfzxm.com/news/index_cj.asp" _fcksavedurl= "//www.sjfzxm.com/news/index_cj.asp" > foreign exchange risk < /a >.

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By the end of March, Hongkong's RMB deposits directly hit 950 billion yuan, equivalent to about 13% of the total local bank deposits.

Liu Ligang believes that in the process of RMB internationalization, Hongkong plays a very important role. Hongkong helps the renminbi "go out" and promotes RMB to be freely convertible into various currencies in overseas markets.

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< p > "as an Australian Financial Center, Sydney will also play an important role in offshore RMB business in the future."

Liu Ligang, chief economist of Australia and New Zealand Bank of China, said that after Singapore and London, Sydney will also "catch up".

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< p > the development of offshore RMB market is also an important driving force for the development of Hongkong's financial industry, "Liu Ligang said." Hongkong should cooperate with other financial centers to promote the development of offshore RMB market, including Singapore, London and Sydney.

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< p > Liu Ligang said that China's imports from Australia will rise from the current US $99 billion to around us $160 billion in 2020.

In the bilateral trade between China and Australia, increasing the use of RMB and Australian dollar can reduce the impact of the fluctuation of the Australian dollar against the US dollar.

The direct currency exchange between China and Australia has opened the door to Australia's development of the offshore RMB market. Strengthening financial cooperation between China and Australia will provide more opportunities for the development of the offshore RMB market.

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