Cross-border Renminbi Flows Between Singapore And Sino-Singapore Tianjin Eco-city
2 PBC Tianjin’s initiative is similar to the cross-border RMB rules announced on 13 June 2014 by PBC Nanjing branch for the China-Singapore Suzhou Industrial Park. Both initiatives are the outcome of the broader agreement at the 10th Joint Council for Bilateral Cooperation meeting in October 2013 between Singapore and China on strengthening economic and financial co-operation.
3 PBC Tianjin’s directive will allow:
(i) banks in Singapore to lend RMB to corporates in the SSTEC;
(ii) corporates in the SSTEC to issue RMB bonds in Singapore;
(iii) equity investment funds in the SSTEC to make direct investments in Singapore and the ASEAN region; and
(iv) individuals in the SSTEC to make RMB remittances to settle current account and direct investment transactions.