Cross-border cash transfer of the Renminbi between China and Singapore began on Wednesday in Guangzhou.
 

Singapore was the first country to sign a Renminbi clearance agreement with China and has massive volume of cross-border Renminbi businesses, said Wang Jingwu, head of the Guangzhou branch of the People's Bank of China (PBOC).
 

In the first five months this year, Renminbi settlement between China and Singapore reached 421 billion CNY (68.4 billion USD), of which 17 percent was traded between Guangdong and Singapore, said Wang.
 

The PBOC, China's central bank, will actively support Renminbi cross-border transfer on a regular basis and maintain an orderly flow of currency between China and Singapore, said Li Huifeng, deputy head of the PBOC currency, gold and silver bureau. 

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