Singapore will join Hong Kong as a center of foreign trade ?

Singapore will join Hong Kong as a center of foreign trade toChina's currency. "Singapore will not try to rival Hong Kong as atrading center yuan, but more focused to facilitate the settlement oftrade in Chinese currency for Asia business," said senior ministerGoh Chok Tong.

Bank of China and private banks in China will manage the yuantrading and settlement in Singapore. China tries to use its currencytightly controlled more easily and more widely. On Monday, Chinaand New Zealand make a currency swap agreement 25 Billion Yuan(U.S. $ 4.9 Billion) to support the settlement of businesstransactions between two countries.
source: futuresgalleriablog.com/

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