ROBUST, TRUSTED, DYNAMIC AND

PURPOSEFUL FINANCIAL CENTRE

A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
ENHANCING THE RMB ECOSYSTEM

Banking
Bank lending has remained strong, with total assets in the banking sector increasing by 9% to S$1.06 trillion. However, a slowdown in regional economic growth and fall in commodity prices have led to a slowdown in overall trade and total outstanding trade finance intermediated in Singapore fell by 16% over the past year to S$194 billion. Notwithstanding, Singapore remained Asia's largest commodity trading hub, and continues to serve as the centre for regional trade and credit activities. More financial institutions have set up new trade finance functions or enhanced their current setups in Singapore. The International Chamber of Commerce also launched its academy in Singapore to serve as a training hub for global trade professionals.

Collaborative efforts between the Chinese government and MAS to liberalise the RMB have continued to yield positive results. Singapore's RMB market registered strong growth in 2014, and was the largest offshore RMB centre outside China and Hong Kong by RMB payments value, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). From March 2014 to March 2015, RMB deposits grew by almost 20% to reach RMB 257 billion. As at March 2015, outstanding RMB loans and trade financing exceeded RMB 300 billion and the average daily turnover for RMB foreign exchange (FX) amounted to about USD 60 billion.