Singapore central bank says yuan investments to be part of FX reserves

Thursday, 23 June 2016 00:00 - - {{hitsCtrl.values.hits}}

SINGAPORE (Reuters): Singapore’s central bank said on Wednesday it will be including its renminbi financial investments as part of its official foreign reserves starting from June.

“This move recognises the steady and calibrated liberalisation of China’s financial markets, and the growing acceptance of RMB assets in the global portfolio of institutional investors,” the Monetary Authority of Singapore said in a statement.

The MAS said it has been making RMB financial investments through China’s qualified foreign institutional investor and interbank bond market schemes since 2012, but added that they were not included in its official foreign reserves as there were previously restrictions on the repatriation of such funds.