(Reuters) - Singapore will grant full banking licenses to two Chinese banks currently operating in the city-state, of which one will act as a clearing bank for yuan transactions, Singapore's Ministry of Trade and Industry said on Friday.
It said the decision formed part of an agreement to enhance banking services cooperation with Beijing under the existing China-Singapore Free Trade Agreement.
Beijing will, in turn, "expeditiously process" all applications made by selected
Singapore banks for the establishment of branches and sub-branches in China, the ministry said in a statement. Full story
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