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Xinhua: Singapore Has Become the Second Largest Offshore RMB Center

According to data released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), on April 28, Singapore surpassed London and became the second largest offshore RMB center next to Hong Kong. The statistics showed that the March RMB settlement amount in Singapore accounted for 6.8 percent of the total. It thus surpassed London, which had 5.9 percent. However Hong Kong, which accounts for 72 percent of the world’s total, still remains the largest.

Source: Xinhua, April 29, 2014