China and Singapore expand cross-border renminbi channels
Chinese companies can now raise RMB debt offshore
China and Singapore have agreed on steps to expand renminbi flows between the two countries, allowing companies in the Chinese cities of Suzhou and Tianjin to borrow money offshore while giving Singapore banks greater opportunity to put their RMB liquidity to work.
An agreement to expand two existing cross-border RMB pilot schemes between Singapore and the ‘China-Singapore Suzhou Industrial Park' (SIP) and ‘Singapore-Sino Tianjin Eco-City' (SSTEC) to incorporate the two cities, was announced by
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