Chinese companies soar in Singapore banking business

Xinhua reporter Tsao reported: In the first quarter of this year, the local banks in Singapore to obtain a full number of Chinese enterprises customer business volume doubled. The number of Chinese corporate clients has grown by more than 100% per cent, according to Citi's Singapore bank, which mainly comes from industries such as oil and maritime, information and communications, telecommunications and consumer products.　　Citi's Singapore Bank estimates that the volume of business will increase by more than three times times by the end of this year.　　Standard Chartered also said that the number of Chinese corporate clients serviced by its trading banks had increased by one-fold in the first quarter, and HSBC also said it had been the most active in the first quarter and the coming second quarter. When it comes to why so many Chinese companies move cash-management projects to the Bank of Singapore, local banks in Singapore say many Chinese companies have grown at home in China and need to seek to expand overseas. Therefore, actively seek overseas locations to set up a global financial center to specialize in managing cash exchanges with overseas buyers and suppliers, so as to improve efficiency. Singapore's highly skilled personnel, sound financial management and regulatory environment, advanced financial infrastructure, good capital markets, dollar liquidity and cultural and linguistic advantages are all important reasons for attracting Chinese enterprises.