China-Singapore Cooperation Initiatives
As part of an ongoing effort by Singapore's government to influence and the Monetary Authority of Singapore (MAS) to strengthen cooperation on financial sector development and regulation. The new initiatives will further promote the international use of the Renminbi (RMB) through Singapore.
China will extend its Renminbi Qualified Foreign Institutional Investor (RQFIll) program to Singapore. The RQFIl program will help to diversify the base of investors in China's capital markets
Singapore will be given consideration as one of the investment destination under the new Renminbi Qualified Domestic Institutional Investor (RQDI) scheme. This will allow qualified Chinese institutional investors to use RMB to invest in Singapore's markets.
China and Singapore will introduce direct currency trading between the Chinese Yuan and Singapore Dollar. New measures will allow cross-border flows of RMB between Singapore and Suzhou Industrial Park (SIP) as well as Tianjin Eco-City TEC)
In addition, Singapore and china have agreed on and announced measures to strengthen regulatory cooperation to facilitate China-incorporated companies which have received regulatory approval to list directly in Singapore, instead of through entities incorporated outside China.
Furthermore, the Singapore Exchange and Shanghai Future Exchange have signed an MOU to strengthen collaboration in the joint development of commodity derivatives