Suzhou, Singapore park marks 20 years of cooperation

The 20th anniversary of the China-Singapore Suzhou Industrial Park in Jiangsu province was marked on Monday, with the signing of five bilateral agreements and the announcement of direct trading between the renminbi and the Singapore dollar starting on Tuesday in the China Foreign Exchange Trade System.

According to Vice-Premier Zhang Gaoli, direct currency trading was one of the key achievements of the 16th China-Singapore Suzhou Industrial Park Joint Steering Council Meeting.

Zhang said that Singapore serves as an important gateway for the yuan to reach Southeast Asian markets and the international market as a whole. Direct trading will also help China deepen financial reform and overseas cooperation, Zhang said.