MAS Signs Supervisory Cooperation Agreement with CBRC

Singapore, 23 January 2008...The Monetary Authority of Singapore (MAS) and the China Banking Regulatory Commission (CBRC) agreed on a supervisory cooperation arrangement in relation to the Qualified Domestic Institutional Investor (QDII) business of Chinese commercial banks.

2. With this arrangement in place, Chinese commercial banks can now conduct investments on behalf of their clients with Singapore based financial institutions regulated by MAS.  They will be able to offer their customers a range of investment opportunities available in Singapore. These include investments in the Singapore stock market and funds authorised or recognised by MAS. 

3. The supervisory cooperation arrangement was signed by CBRC Chairman Mr Liu Mingkang and MAS Managing Director Mr Heng Swee Keat on 22 January 2008 in Beijing. China.

4. Mr Heng commented, “We look forward to working closely with the China Banking Regulatory Commission on this initiative and on other areas of cooperation.”

***