OREANDA-NEWS. November 06, 2014. With the authorization of the People's Bank of China, the China Foreign Exchange Trade System (CFETS) has announced on 27 October , 2014 to launch direct trading between RMB and Singapore Dollar(SGD) on the inter-bank foreign exchange market.

This is an important step in strengthening bilateral economic and trade connections between China and Singapore. And China and Singapore will make further efforts to mutually promote the direct trading between the two currencies based on market principle.

Development of direct trading between RMB and SGD will contribute to the formation of direct exchange rate between the two currencies. This will help lower currency conversion cost for economic entities, facilitate the use of RMB and Singapore Dollar in bilateral trade and investment, promote the financial cooperation and enhance economic and financial ties between the two countries. The People's Bank of China actively supports the above-mentioned measure adopted by the CFETS.