The Monetary Authority of Singapore (MAS) opened a new office in Beijing this week. It is the third overseas office of Singapore’s regulatory body, following in the footsteps of offices in London and New York.
The office will be headed by the new chief representative, Ms Tay Hwee Ling, who, in her previous career at MAS has worked on banking policies and insurance supervision.
The plan for the new office is to reinforce collaboration between the MAS and key Chinese institutions such as the People’s Bank of China (PBOC), China Banking Regulatory Commission and China Securities Regulatory Commission.
This is the latest step in closer financial links between China and Singapore. In one further market development this week, the Singapore Exchange has launched depositary services for Renminbi-denominated bonds.
As we reported two weeks ago, the MAS has issued a consultation paper on the proposed regulation of Renminbi foreign exchange conversions.
That consultation related to an understanding executed in April 2013 between the PBOC and MAS on the matter of Renminbi cooperation, whereby foreign exchange conversion for the settlement of Singapore/China cross border trade may now be undertaken in Renminbi.