Tuesday, October 22, 2013

RT NEWS UPDATE 1

Singapore and China will introduce direct trading between their currencies, Bloomberg reported. The move is expected to help the city-state cement its status as Southeast Asia’s yuan trading hub. The two states also agreed on a 50 billion yuan ($8.2 billion) target for Singaporean investors to buy into Chinese domestic securities under the Renminbi Qualified Foreign Institutional Investor program. Under the program, Singapore will be included in the locations where Chinese institutional investors can buy securities overseas with the yuan.

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