UOB officials tout Singapore as key yuan center

More Chinese companies may choose Singapore, rather than Hong Kong, as their first choice to launch offshore yuan-denominated bonds, as the Belt and Road Initiative promotes further internationalization of the yuan, senior United Overseas Bank Ltd officials said on Wednesday.

Wee Ee Cheong, deputy chairman and chief executive officer of the Singaporean bank, said he expected the Southeast Asian republic to play an important strategic role in the initiative, sitting as it does on both the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

UOB will also actively promote the wider use of the yuan in Southeast Asia, said Wee.