HKEx and SGX Cooperate on RMB Internationalisation and Connectivity
The cooperation underlines the growing importance of regional dialogue on topical issues and opportunities in an industry where rapid advancements in market technologies, the impact of supra-national regulations and the international evolution of the offshore Renminbi market are on the agenda for market operators, regulators and participants alike.
HKEx Chief Executive Charles Li and SGX CEO Magnus Böcker signed a memorandum of understanding on the collaboration in Singapore today.
Mr Li said, “This MOU allows us to build on Hong Kong’s position as the premier offshore Renminbi centre by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore Renminbi. We are also very pleased to establish a framework for cooperation with SGX on global regulatory issues and technology development, two critical areas for exchanges.”
Mr Böcker said, “Our collaboration with HKEx, through new products and services available on both exchanges, is yet another example how the Asian Gateway enables easier access to Chinese capital markets. By including regulatory collaboration in this partnership, we are paving the way for Asian markets to have a more prominent and unified voice regarding global developments and regulatory reforms.”