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The Associated Press April 19, 2011, 1:39AM ET

Report: Singapore to become Chinese yuan trader

A Singapore state newspaper says the city-state will join Hong Kong as an offshore trading center for China's yuan.

The Straits Times reported Tuesday that Senior Minister Goh Chok Tong said Singapore will not try to rival Hong Kong as a yuan trading hub, instead focusing on facilitating trade settlement in Chinese currency for Asian businesses.

The newspaper said the Bank of China or Industrial and Commercial Bank of China will manage yuan trading and settlement in Singapore.

The paper didn't specify when Singapore will begin yuan trading. The paper said Goh made his comments in Beijing after meeting with Chinese officials.

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