The Industrial and Commercial Bank of China, or ICBC, held a yuan forum in Singapore on Tuesday. The forum focused on renminbi assets' global distribution after yuan's inclusion of SDR, as well as investment opportunities with China's One Belt and One Road initiative. Meanwhile, ICBC is setting up its Asia-Pacific shipping financial headquarters in Singapore to provide services to shipping companies, the first among all Chinese banks. Ravi Menon, managing director of the Monetary Authority of Singapore, said that he is looking forward to more cooperation between China and Singapore in the future.

"The next chapter in China-Singapore financial partnership will go beyond co-operation on RMB business and the use of Singapore as an Asian gateway. It will be a more broad-based financial partnership that will provide deeper support to China’s growing connectivity with Southeast Asia. Let me cite four concrete areas of partnership: Capital management、Risk management、Infrastructure construction financing and asset management," said Ravi Menon, managing director Monetary Authority of Singapore.