Bank of China unveils cross-border renminbi index

It will serve as a practical guidebook.

At a conference, Bank of China launched the BOC Cross-border Renminbi Index. This index was developed based on BOC’s insights into the currency transfer process, reflecting RMB’s level of activities in cross-border and overseas transactions. 

The Index provides a practical guide for businesses to use cross-border renminbi products and services.

BOC also signed a memorandum of understanding (MOU) with the SGX to cooperate in developing RMB products and services, and expanding business in China and SGX’s markets. 

This will make BOC the first Chinese settlement bank for SGX.

SGX CEO Mr. Böcker said, “We are delighted to partner Bank of China in growing the markets of the world’s second-biggest economy. With this partnership, our customers can benefit from easier access to China and more tools to manage their risks. We look forward to more of such collaborations as we continue to strengthen and enhance SGX as the Asian Gateway.”

BOC also signed a MOU with Trafigura Pte Ltd, one of the world’s largest commodity companies. Mr Pierre-Yves Rigaux, CFO, Asia Pacific for Trafigura Pte Ltd welcomed the opportunity to form a long-term strategic partnership with BOC. “We have worked with Bank of China in Singapore for a number of years and have benefited from its comprehensive and efficient commodity financing solutions. As our business develops across Asia Pacific we look forward to working even more closely with Bank of China in the region,” Mr Rigaux said.

Chinese Ambassador to Singapore, Mr. Duan Jielong said, “There is strong trade partnership between Singapore and China and rich prospects lie ahead. With the continuous expansion of RMB use in international trade and investment activities, China and Singapore will definitely see new opportunities for collaboration.”

In this visit to Singapore, Mr. Tian will also meet with Senior Minister Mr. Goh Chok Tong, Deputy Prime Minister & Minister for Finance, Mr Tharman Shanmugaratnam, Managing Director of the Monetary Authority of Singapore, Mr Ravi Menon and Executive Director & CEO of Temasek Holdings, Ms Ho Ching to exchange views on the world economic situation, the globalisation of RMB, the ongoing construction of RMB offshore market as well as the regulatory compliance issues with regards to the banking industry. In addition, Mr. Tian will attend the Singapore Summit, meeting with more than 300 business leaders, economists and other delegates from over 30 countries.