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SINGAPORE, July 6, 2012 - (ACN Newswire) - Singapore Exchange (SGX) announced today it is ready to list, quote, trade, clear and settle securities denominated in Chinese Renminbi (RMB).
The initiative enhances opportunities for issuers and investors keen to participate in the internationalization of the RMB and the robust Chinese economy. SGX's addition of RMB securities trading complements the offshore RMB bonds already listed on the exchange. SGX is also the world's first exchange to offer the clearing of OTC FX forwards for RMB.
Issuers listing RMB securities on SGX can also choose to offer dual currency trading, giving their investors the flexibility to trade the security either in RMB or Singapore dollars.
"SGX, as the Asian Gateway, 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," said Mr Magnus Bocker, CEO of SGX.
The initiative expands the suite of foreign currencies supported by SGX which currently includes the Australian Dollar, Hong Kong Dollar and US Dollar.
Contact:
Loh Wei Ling
Communications
Tel: +65 6236 8157
Email: loh.weiling@sgx.com
Carolyn Lim
Communications
Tel: +65 6236 8139
Email: carolyn.lim@sgx.com
Topic: Production report
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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