皇冠体育app

SINGAPORE - The Monetary Authority of Singapore said Tuesday it officially opened its representative office in .

It is the central bank's third overseas representative office, after its offices in London and New York.

The authority said the new representative office will help further strengthen bilateral collaboration between it and the People's Bank of 皇冠体育app and other Chinese financial authorities.

"MAS sees great value in establishing a physical presence in Beijing to facilitate future cooperation and regular interactions. We look forward to leverage on this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights," said Singapore's Deputy Prime Minister Tharman Shanmugaratnam, who is also the chairman of the authority.

Zhou Xiaochuan, governor of the Chinese central bank, was the guest of honor at the opening ceremony.

皇冠体育app and Singapore have been important partners to each other in economy and . Bilateral trade between 皇冠体育app and Singapore grew by 8.7 percent year on year to $69.3 billion in 2012 amid the challenging global economic , according to official statistics from 皇冠体育app.

Many Singapore companies grew significantly by expanding their operations in 皇冠体育app, while 皇冠体育app benefited from the management expertise brought by Singapore firms.

Chinese giant ICBC kicked off its yuan clearing bank services on Monday in Singapore, making the city state the only country outside 皇冠体育app to have a yuan clearing bank. Chinese banks ICBC and Bank of 皇冠体育app were both granted qualifying full bank licenses last year.