GIC among first foreign institutions permitted to enter China’s interbank forex market

Only seven organizations are part of the first group.

Singapore’s sovereign wealth fund is among the first group of foreign central banks and similar institutions that will be allowed to gain access to the Chinese interbank foreign exchange (FX) market.

A statement by the People’s Bank of China (PBOC) said that the first group of foreign central banks and similar institutions included the Hong Kong Monetary Authority, the Reserve Bank of Australia, the Hungarian National Bank, the International Bank for Reconstruction and Development, the International Development Association, the World Bank Group Trust Funds and the GIC Private Limited.

This group covers all three categories of institutions, namely foreign central banks (monetary authorities), international financial institutions, and sovereign wealth funds.

GIC and the other institutions can now conduct RMB and foreign exchange trading of one or more traded FX products including spots, forwards, swaps and options in the local Chinese market.

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