Is Singapore the next offshore RMB trading hub?

It may not be imminent though, says HSBC.

This despite Singapore being the first jurisdiction outside HK to see the offshore deliverable RMB market expand.

In light of China announcing it will establish a third RMB clearing bank to be based in Singapore, HSBC said, “The establishment of a clearing bank is relatively straightforward compared to coming to agreement on regulation and management of other aspects of a potential deliverable RMB market, something that was a relatively easier hurdle for Hong Kong, which is ultimately implicitly overseen by the mainland.”

HSBC added, “However, with both sides likely to be highly motivated to push this forward, we will likely see significant development this year, with a deliverable RMB market in Singapore possible as early as 2012.”

The bank believes this will set a useful template for further expansion of the offshore RMB to other jurisdictions.

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