BEIJING, June 13 Singapore's pool of yuan
deposits has grown to around 60 billion yuan ($9.4 billion), the
state-run Xinhua news agency said, citing a senior official from
Singapore's central bank.
Ong Chong Tee, deputy managing director of the Monetary
Authority of Singapore (MAS), was quoted by Xinhua as saying
the growing yuan pool could lead to more investment products.
Singapore can already provide yuan financing needs, Ong
said, pointing to the recent yuan bond issuance by Global
Logistics Properties and Singamas Container Holdings.
Banks in Singapore have also launched yuan products over the
past two years, with some offering access to offshore yuan
products in Hong Kong, Xinhua said.
Singapore and other global financial centres like London are
seeking to capitalise on the rapid growth of the off-shore yuan
bond market, which is dominated by Hong Kong.
The MAS is one of the 17 central banks that have signed
bilateral swap deals with China's central bank.
Yuan deposits in Hong Kong were at 552.4 billion yuan
($86.89 billion) in April, down 0.4 percent from a month
earlier, according to official data.
Hong Kong's yuan deposit base has expanded sharply since
Beijing's 2010 move to boost trade settlement in yuan, providing
flush liquidity and investor appetite for offshore yuan and
($1 = 6.3703 Chinese yuan)
(Reporting by Kevin Yao; Editing by Paul Tait)