Singapore includes RMB assets as foreign reserves
The Monetary Authority of Singapore is the first central bank to assign renminbi assets as foreign reserves. Other central banks are tipped to follow suit and boost their RMB investments.
The Monetary Authority of Singapore (MAS) has become the first central bank to designate renminbi-denominated assets as part of its $247 billion of foreign reserves, after recent moves by China to open up its interbank bond market (CIBM).
This is a further step towards the yuan being recognised as a global reserve currency, and other foreign reserve managers are expected to follow suit and boost their investment in renminbi assets. This is set to take place against a backdrop of l…
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