Core Insights - The Monetary Authority of Singapore (MAS) announced initiatives to enhance financial cooperation with China during the 21st Joint Council for Bilateral Cooperation (JCBC) meeting in Chongqing, co-chaired by Singapore's Deputy Prime Minister and China's Vice Premier [1] Financial Initiatives - Commencement of an over-the-counter (OTC) bond market arrangement through Bank of China and DBS Bank, allowing Singapore banks to provide access to selected fixed income products on the China Interbank Bond Market, reinforcing Singapore's role as a hub for Asian investment opportunities [2] - Launch of the e-CNY pilot for Singapore travelers, enabling them to open and top-up e-CNY wallets locally for merchant payments in China, enhancing payment convenience for travelers [3] Agreements and Collaborations - MAS entered into an updated Memorandum of Understanding (MoU) on Financial Cooperation with the Chongqing Municipal People's Government, aiming to support cross-border financing, Fintech advancements, and green finance, facilitating financial services between China's Western region, Singapore, and ASEAN [3] - Appointment of DBS Bank as Singapore's second Renminbi (RMB) clearing bank, supporting the growth of the offshore RMB market and facilitating RMB use for trade and investment [4] - Support for secondary listings of A-share companies on the Singapore Exchange (SGX), enabling Chinese corporates to access international capital and providing additional funding channels for regional business expansion [4] Green Finance and Product Development - Advancement of cross-border green finance cooperation through the Singapore-China Green Finance Taskforce, promoting interoperability between China and Singapore's green taxonomies [5] - Deeper collaboration in indices and Exchange Traded Funds (ETF) Product Links, with the launch of the CSI SGX Asia 100 Indices and plans for more ETF product launches under the China-Singapore ETF Product Links [5] Future Outlook - Continued partnerships between financial institutions in banking and capital markets are anticipated to build on the momentum of these new initiatives [6]