MAS opens its first Asia representative office
- By Lin Liyao
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E-mail China.org.cn, May 28, 2013
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Governor of the PBOC Zhou Xiaochuan (L) and Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Chairman of MAS, attend the opening ceremony of MAS’ Beijing Representative Office. [Photo by Lin Liyao] |
The Monetary Authority of Singapore (MAS) today officially opened its Beijing Representative Office. The office is the first one in Asia and the third one in the world after London and New York.
According to MAS, the Beijing office is expected to further strengthen its collaboration with the People's Bank of China (PBOC), as well as with other Chinese financial authorities including the China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CIRC) and China Insurance Regulatory Commission (CIRC).
In his speech at the opening ceremony, Deputy Prime Minister of Singapore and Chairman of MAS Mr. Tharman Shanmugaratnam said, “MAS sees great value in establishing a physical presence in Beijing to facilitate future cooperation and regular interaction. We look forward to leverage on this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights.”
Zhou Xiaochuan, governor of the PBOC, attended the opening ceremony and expressed his warm congratulations to MAS. “China and Singapore have a long cherished history of friendship and cooperation.” said Zhou during his address, “Currently, five major Chinese banks have opened branches in Singapore, while three Singapore banks have established their branches in China.”
Since the launch of the RMB settlement for cross-border trade in July 2009, the volume of RMB transaction in Singapore has been on a rapid increase. Singapore has now become the second biggest offshore center in terms of RMB transaction -- after Hong Kong. Zhou believes that the establishment of the MAS representative office will facilitate the communication not only between the two monetary authorities, but also with the commercial banks as well as business.
The MAS Beijing Representative office is headed by Chief Representative Tay Hwee Ling. The event was attended by more than 100 guests, including the vice chairmen of CBRC, CSRC and CIRC, heads of financial institutions and other senior representatives of MAS' key partners in China.
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