Singapore, China enhance banking cooperation under CSFTA

SINGAPORE, July 6 (Bernama) -- Singapore and China on Friday exchanged side letters to enhance the banking services cooperation under the existing China–Singapore Free Trade Agreement (CSFTA). In a statement, the Ministry of Trade and Industry said under the enhanced agreement, two eligible Chinese banks currently operating in Singapore will be granted Qualifying Full Bank 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. The side letters were signed by Lim Hng Kiang, Minister for Trade and Industry and Gao Hucheng, China International Trade Representative and Vice Minister of Commerce at the 9th Joint Council for Bilateral Cooperation meeting between China and Singapore held in Suzhou, China. The CSFTA was signed on Oct 23, 2008. -- BERNAMA