Finance

MAS sets up review group in bid to revive its SGX development

Published

10 months ago

August 2, 2024

Signage for the Monetary Authority of Singapore (MAS) is displayed outside the central bank’s headquarters in Singapore.

Sam Kang Li | Bloomberg | Getty Images

Singapore’s central bank has established a task force to bolster the city-state’s stock market.

The Monetary Authority of Singapore announced that the review group will evaluate measures to “improve the vibrancy” of the Singapore equities market.

MAS said on Friday the panel will focus on addressing market challenges, fostering listings, and facilitating market revitalization, as well as enhancing regulations to facilitate market growth and foster investor confidence.

It said another key goal will be to identify methods for encouraging private sector participation, including from capital market intermediaries, investors and listed companies.

The authority noted that a “dynamic equities market is an important part of the capital formation value chain,” and that a liquid market enables companies to not only access capital as they expand, but also “allows asset owners and the investing public to participate in the growth of quality companies.”

“Improving the attractiveness of Singapore’s equities market can therefore enhance Singapore’s standing as a vibrant enterprise and financial hub,” the MAS said, adding that this will also “[complement] Singapore’s innovation and start-up ecosystem, private markets, as well as asset and wealth management sectors.”

Despite the Straits Times Index rising in three of the last four years including 2024, Singapore’s stock market has been long plagued by thin trading volumes and more delistings than listings. This has led observers to describe the exchange as “boring,” “unexciting” and even once in 2021, a “zombie” bourse.

Turnover velocity at the SGX, a measure of market liquidity, stood at 36% for the whole of 2023, compared to 57.35% at the Hong Kong Exchange in the same period, and 103.6% at the Japan Exchange.

Analysts who previously spoke to CNBC outlined ways to revive interest in the SGX, including taking lessons from “value up programs” in Japan and South Korea.

The review group announced Friday will be chaired by Chee Hong Tat, Singapore’s second minister of finance, and also include members like Koh Boon Hwee, the current chairman of the SGX.

Finance

U.S.-China talks ‘stalled’ and need Trump and Xi to weigh in, Bessent says

Published

16 minutes ago

May 29, 2025

Business Finance News

The U.S. and Chinese flags are seen on the day of a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 10, 2025.

Keystone/eda/martial Trezzini | Via Reuters

BEIJING — U.S.-China trade talks “are a bit stalled,” requiring the two countries’ leaders to speak directly, Treasury Secretary Scott Bessent told Fox News in an interview Thursday local time.

“I believe that we will be having more talks with them in the next few weeks,” he said, adding that there may be a call between the two countries’ leaders “at some point.”

After a rapid escalation in trade tensions last month, Bessent helped the world’s two largest economies reach a breakthrough agreement in Switzerland on May 12. The countries agreed to roll back recent tariff increases of more than 100% for 90 days, or until mid-August. Diplomatic officials from both sides had a call late last week.

Still, the U.S. has pushed ahead with tech restrictions on Beijing, drawing its ire, while China has yet to significantly ease restrictions on rare earths, contrary to Washington’s expectations.

“I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,” Bessent said. “They have a very good relationship and I am confident that the Chinese will come to the table when President [Donald] Trump makes his [preferences] known.”

Trump and China’s President Xi Jinping last spoke in January, just before the U.S. president was sworn in for his second term. While Trump has in recent weeks said he would like to speak with Xi, analysts expect China to agree to that only if there’s certainty there will be no surprises from the U.S. during the call.

China has maintained communication with the U.S. since the agreement in Switzerland, Chinese Ministry of Commerce Spokesperson He Yongqian told reporters at a regular briefing Thursday.

But regarding chip export controls, she said that “China again urges the U.S. to immediately correct its wrong practices … and together safeguard the consensus reached at high-level talks in Geneva.”

That’s according to a CNBC translation of her Mandarin-language remarks.

When asked whether China would suspend rare earths’ export controls announced in early April, He did not respond directly. Restrictions on items that could be used for both military and civilian use reflect international practice, as well as China’s position of “upholding world peace and regional stability,” she said.

This week, the Trump administration also announced it would start revoking visas for Chinese students.

“The U.S. decision to revoke Chinese student visas is fully unjustified,” China’s Foreign Ministry Spokesperson Mao Ning said Thursday, according to an official English transcript. “It uses ideology and national security as pretext.”