Monetary Authority of Singapore Opens Beijing Office
The Monetary Authority of Singapore (MAS) opened their first Asian representative office in Beijing, China. Singaporean public leaders recognize China’s cultural and economic clout in the Southeast Asia region. Singapore’s sovereign funds maintain large investments in Chinese companies and assets, especially companies that are tied to middle-class mobility. Private consumption in China has driven recent economic growth. In late May 2013, Temasek Holdings increased its position in Industrial & Commercial Bank of China Ltd. According to a statement from the Hong Kong stock exchange, Temasek Holdings purchased 280 million shares of ICBC with an average price of 5.50 HKD per share. Goldman Sachs Group Inc. exited the 7-year old investment, raising US$ 1.1 billion by selling 1.58 billion shares of ICBC.
On a different front, Singapore was the third largest source of foreign direct investment in China after Hong Kong and China. With regard to Singapore’s service sector, China is their fifth largest export destination in that area.
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