BEIJING, June 13 (Reuters) - 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 yuan-linked instruments. ($1 = 6.3703 Chinese yuan) (Reporting by Kevin Yao; Editing by Paul Tait)