Singapore, Hong Kong cooperate on yuan
The stock exchanges of Singapore an Hong Kong have agreed to co-operate on the growing yuan business, The South China Morning Post reported. The partnership, coming after many years of fierce competition for new listings and products, surprised market observers.
Singapore, along with other overseas markets, including London, Tokyo, Paris and Sydney, had previously sought to challenge Hong Kong’s role as the leading offshore centre for dealing yuan. But Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia and Singapore Exchange chief executive Magnus Boecker signed a memorandum of understanding in Singapore on December 3 in which the two bourses agreed to co-operate in developing yuan products.
They will also connect their data centers and work closely on technology and regulatory issues.
Li said the agreement “allows us to build on Hong Kong’s position as the premier offshore yuan centre by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore yuan”.
Boecker said the collaboration, which would lead to additional products and services becoming available on both exchanges, was “yet another example of how the Asian gateway enables easier access to Chinese capital markets”.
“By including regulatory collaboration in this partnership, we are paving the way for Asian markets to have a more prominent and unified voice regarding global developments and regulatory reforms,” he said.
In terms of market capitalisation, Hong Kong ranks sixth in the world and Singapore 20th.
The stock exchanges of Singapore an Hong Kong have agreed to co-operate on the growing yuan business, The South China Morning Post reported. The partnership, coming after many years of fierce competition for new listings and products, surprised market observers. Singapore, along with other overseas markets, including London, Tokyo, Paris and Sydney, had previously sought to challenge Hong Kong's role as the leading offshore centre for dealing yuan. But Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia and Singapore Exchange chief executive Magnus Boecker signed a memorandum of understanding in Singapore on December 3 in which the two...
The stock exchanges of Singapore an Hong Kong have agreed to co-operate on the growing yuan business, The South China Morning Post reported. The partnership, coming after many years of fierce competition for new listings and products, surprised market observers.
Singapore, along with other overseas markets, including London, Tokyo, Paris and Sydney, had previously sought to challenge Hong Kong’s role as the leading offshore centre for dealing yuan. But Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia and Singapore Exchange chief executive Magnus Boecker signed a memorandum of understanding in Singapore on December 3 in which the two bourses agreed to co-operate in developing yuan products.
They will also connect their data centers and work closely on technology and regulatory issues.
Li said the agreement “allows us to build on Hong Kong’s position as the premier offshore yuan centre by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore yuan”.
Boecker said the collaboration, which would lead to additional products and services becoming available on both exchanges, was “yet another example of how the Asian gateway enables easier access to Chinese capital markets”.
“By including regulatory collaboration in this partnership, we are paving the way for Asian markets to have a more prominent and unified voice regarding global developments and regulatory reforms,” he said.
In terms of market capitalisation, Hong Kong ranks sixth in the world and Singapore 20th.
