Singapore has overtaken London as the largest clearing center for China's domestic currency outside of China and Hong Kong, according to SWIFT.
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The Singapore Exchange and Hong Kong Exchanges and Clearing signed a deal to co-operate on promoting the internationalization of the Chinese currency.
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China is to further internationalize its currency by allowing Singapore-based investors to buy renminbi-denominated securities. The FT reports.
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Singapore's third-quarter GDP expanded a better-than-expected 1.3 percent on a quarter-on-quarter seasonally adjusted annualized basis, which means the economy avoided a recession after contracting in the second quarter.
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The languishing U.S. dollar has catapulted other currencies into the stratosphere. The Singapore dollar, for one, hit a record high against the greenback on Wednesday, as the latter scraped three-month lows versus a basket of currencies. While this may spell cheer for investors long on the...
Singapore's April inflation slowed to 4.5 percent year-on-year from 5.0 percent in March, consistent with central bank and economists' forecasts that inflation had peaked in the first quarter.
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