China opens research centre for RMB internationalisation
The new initiative is a victory for Singapore as it angles to position itself as a leading renminbi hub
The People's Bank of China (PBoC) is teaming up with Singapore's top-ranked Nanyang Technological University (NTU) to shed light on the forces driving the renminbi's ascent as an international payments and reserve currency.
The two institutions are establishing a research centre to "study the demand and use of the renminbi in international markets", the NTU said today (March 29) in a statement published on its website.
The new Centre for Renminbi Internationalisation Studies (CRIS) was launched
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