China is to further internationalise its currency by allowing Singapore-based investors to buy renminbi-denominated securities, paving the way for direct trading between the two countries’ currencies.
The accord follows last week’s announcement from George Osborne, Britain’s chancellor – or finance minister – who touted a similar agreement as a breakthrough for London as a global hub for renminbi trading.
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Jeremy Grant and Josh Noble, The Financial Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/vDFQ80xWJNI/
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