Government of Singapore : SINGAPORE AND CHINA ENHANCE BANKING COOPERATION UNDER THE CHINA-SINGAPORE FREE TRADE AGREEMENT
07/06/2012| 04:05am US/Eastern
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Singapore and China today exchanged side letters to enhance
the banking services cooperation under the existing
China-Singapore Free Trade Agreement (CSFTA).
2 Under the enhanced agreement, two eligible Chinese banks
currently operating in Singapore will be granted Qualifying
Full Bank (QFB) privileges, and one of these two Chinese
banks will be authorised as a clearing bank for Renminbi in
Singapore. China will also expeditiously process all
applications made by selected Singapore banks for the
establishment of branches and sub-branches in China, subject
to their prudential law, regulations and rules.
Implementation details will be worked out by the relevant
financial agencies in Singapore and China in due course.
3 The side letters were signed by Mr Lim Hng Kiang, Minister
for Trade and Industry and Mr Gao Hucheng, China
International Trade Representative and Vice Minister of
Commerce at the 9th Joint Council for
Bilateral
Cooperation (JCBC) meeting between China and Singapore held
in Suzhou, China. The CSFTA was signed on 23 October 2008.
MINISTRY OF TRADE AND INDUSTRY
6 JULY 2012
For media enquiries, please contact:
Ms Lynn Ng
Senior Assistant Director
Corporate Communications Division
Ministry of Trade and Industry
Tel: (+65) 6332 7222 / 9191 1047
E-mail: lynn_ng@mti.gov.sg
Ms Serene Ow
Senior Assistant Director
Corporate Communications Division
Ministry of Trade and Industry
Tel: (+65) 6332 8478 / 94350542
E-mail: serene_ow@mti.gov.sg
100 High Street, #09-01, The Treasury, Singapore 179434 T
(65) 6225 9911 F (65) 6332
7260
www.mti.gov.sg
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