Singapore and China Sign 27 Agreements to Deepen Bilateral Ties

Singapore and China signed 27 memorandums of understanding and agreements to boost cooperation across financial and capital-markets connectivity, food security, and other key sectors, according to a statement by the Singapore Prime Minister’s Office.

The deals were signed during the 21st Joint Council for Bilateral Cooperation in Chongqing on Monday, which was co-chaired by Singapore Deputy Prime Minister Gan Kim Yong and Chinese Vice Premier Ding Xuexiang.

Among the agreements are the appointment of DBS Bank Ltd. as the second renminbi clearing bank in Singapore and the launch of a pilot program to enable Singapore travelers to use electronic yuan for merchant payments in China, the statement said. The Industrial and Commercial Bank of China’s Singapore branch was the first clearing bank.

The Monetary Authority of Singapore also unveiled Monday several financial and capital markets initiatives to strengthen cooperation with China, including support for Chinese companies pursuing secondary listings on the Singapore Exchange, according to a separate statement.