SGX Expands FX Trading Initiative, Adding Renminbi
Singapore Exchange (SGX) has announced it will list, quote, trade, clear and settle securities valued in the Chinese currency, the renminbi (RMB), further expanding its foreign currency-denominated trading initiative that already includes the Australian dollar, Hong Kong dollar, and US dollar.
The exchange says the project will spur opportunities for both issuers and investors interested in the globalization of the RMB, and complements the existing offshore RMB bonds already listed on SGX and over-the-counter (OTC) FX forwards cleared by the exchange in the Chinese currency. As with previous foreign currency offerings, issuers will be also be able to offer trading in dual currencies, providing flexibility between the RMB and Singaporean dollar.
"SGX is committed to being the exchange of choice for issuers with RMB fund-raising needs and for investors who are keen to participate in the China growth story. The listing and trading of RMB securities on SGX will also extend Singapore's position as an offshore RMB centre," says Magnus Böcker, CEO of SGX.
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