SINGAPORE PRESS-Sharp hike in yuan deposits in Singapore banks - Straits Times

Tue Jul 1, 2014 8:20pm EDT

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Singapore banks have seen a sharp increase in the amount of yuan deposits over the past nine months, after moves were made to strengthen the Republic's position as a yuan offshore centre.

Banks in Singapore had 220 billion yuan ($35.49 billion) in deposits at the end of March, up sharply from 138 billion yuan in June last year, data from the Monetary Authority of Singapore showed.

NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 6.1995 Chinese Yuan Renminbi) (Reporting by Singapore Newsroom; Editing by Subhranshu Sahu)

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