Singapore and Taiwan have emerged as key drivers to the development of offshore centers for China's currency.
From Q1 2011 to Q4 2014, global RMB payment flows (MT103 and MT202) grew 19.4 times in value. While intra-ASEAN RMB payment flows grew by 426 times in value during the same period, Singapore accounted for about 90% of the total transaction value. Also, total RMB payments via Taiwan grew by 1,438 times in value, from Q3 2011 to Q4 2014.2 These increases far exceeded the global performance. The establishment of RMB offshore clearing centers in Taiwan (Dec 2012) and Singapore (Feb 2013) are the major drivers for the fast growth. Both of them are China's major trading and investment partners in this part of the world.