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Singapore to Include Yuan Assets in Foreign Reserves From June

  • China seeking wider international use of its currency
  • MAS says move reflects China’s market liberalization

Singapore plans to include yuan-denominated assets in its foreign reserves from this month as China seeks wider international use of its currency.

The move recognizes the growing acceptance of yuan assets in the portfolios of institutional investors, as well as liberalization of Chinese financial markets, the Monetary Authority of Singapore said in a statement. MAS has been making yuan-denominated financial investments since 2012.