Singapore set to be RMB gateway to Asean region
The recent doubling of the People’s Bank of China’s swap facility with Singapore highlights the increasing importance of the Asean region to the use of RMB – potentially giving the South-east Asian city-state an advantage over Hong Kong in the battle for offshore trade in the Chinese currency
The Association of Southeast Asian Nations (Asean) has seen a dramatic rise in trade and investment with China since the establishment of the free trade area between Asean and China on January 1, 2010. According to figures from DBS, Asean exports to China have increased from $22 billion in 2002 to $195.8 billion at the end of 2012.
Trade between the two regions was dominated by commodity exports to China. But Asean is now the second largest destination for Chinese exports, having surpassed Japan
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