OREANDA-NEWS. November 17, 2014. Based on the agreement reached at the 10th meeting of China-Singapore Joint Committee of Bilateral Cooperation and after the preparation by the financial departments of the two sides, Vice Premier Zhang Gaoli announced, in Suzhou at the 11th meeting of the Joint Committee, that the direct trading of RMB and Singapore dollar will commence on the inter-bank foreign exchange market on October 28, 2014.

The direct trading of RMB and Singapore dollar based on the market principle is an important measure adopted by the two countries to further promote bilateral economic and trade ties.

The direct trading of RMB and Singapore dollar will help to form a direct bilateral exchange rate, lower currency conversion cost for economic entities, and encourage the use of the two currencies in bilateral trade and investment activities. This will be conducive to the strengthening of bilateral financial cooperation and further expansion of economic and financial ties between the two countries.