Introduction to Singapore's offshore financial market

In 1960s, the investment focus of western multinational companies shifted to Southeast Asia. In order to eliminate the impact of the US government's austerity measures to limit capital outflows, Bank of America plans to establish an offshore financial center in the Asia-Pacific region. The Singapore government has assessed the situation and actively developed the international banking industry. 1 968 65438+1October1The Singapore government allows Bank of America Singapore Branch to set up an Asian Currency Unit (ACU) within the bank, accepting foreign currency deposits of non-residents in the same way as the European currency market, and providing foreign exchange transactions, capital lending and other services for non-residents. This marks the birth of Singapore's offshore financial market.

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