Singapore gains traction in offshore yuan market share war as deposits hit RMB200b

That's a whopping 70% jump.

According to a report by Reuters, Yuan deposits in Singapore jumped 70 percent in the last nine months of 2013, according to figures released on Thursday, as the city-state starts to make headway in its efforts to become a major offshore trading centre for the Chinese currency.

The Monetary Authority of Singapore (MAS) said deposits hit 200 billion yuan ($32.65 billion) at the end of December, catapulted by Industrial and Commercial Bank of China becoming the country's official clearing bank for the currency in May.

Read full report here.

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