News

SGD $50 note printed containing embarrassing spelling error

As the SG50 commemorative notes sets have been released, the Monetary Authority of Singapore (MAS) has realised that they made an unbelievable mistake of misspelling the name of Singapore’s first President Yusof Ishak.


Singapore dollar weakens after Yuan’s devaluation

The devaluation of China’s currency for second day in a row, has had a negative effect on the Singapore dollar, resulting in the country's currency hitting its weakest level since June 2010.


Zimbabwe phases out its local currency to US dollar

Zimbabwe has started to retire its local currency which over recent years has been rendered almost valueless. The US dollar will take its place. At the current rate, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which has been on-going since 2009.


Hong Kong remove renminbi conversion limit to boost stock investment

The daily renminbi (RMB) cap of 20,000 on conversion limits for Hong Kong residents will no longer apply from November 17th when a landmark scheme to link the city's stock market with Shanghai is launched, designed to boost investment flows into China's stock market.


China commences direct trading between renminbi and Singapore dollar

Last week China’s Foreign Exchange Trading System (CFETS) announced direct trading between the renminbi and Singapore dollar, marking another step toward internationalising the Chinese currency. The move is also expected to help Singapore become a renminbi offshore centre.