Singapore to cooperate further with China on yuan development

SINGAPORE - The Singapore Monetary Authority of Singapore (MAS) said on Tuesday it aimed to cooperate with China to boost the use of the yuan in Singapore and southeast Asia after the International Monetary Fund added the Chinese currency to its reserves basket.

On Monday, the IMF admitted China's yuan, also called the renminbi, into its benchmark currency basket, in a victory for Beijing's campaign for recognition as a global economic power.

"MAS has worked closely with the People's Bank of China on initiatives to promote greater use of the renminbi in Singapore and the Southeast Asian region," Singapore's central bank said in an emailed statement.

"We look forward to further strengthening cooperation in the coming years to help foster a resilient and thriving renminbi ecosystem in the region."