Singapore has overtaken London as the largest clearing center for China's domestic currency outside of China and Hong Kong, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Data released by the SWIFT show the value of Singapore's renminbi payments increased by 375 percent between March 2014 and March 2013, making Singapore number one in terms of renminbi payments value, excluding China and Hong Kong.
Hong Kong accounts for 72.4 percent of the overall renminbi payments value, while Singapore and London account for 6.8 percent and 5.9 percent, respectively.
Singapore reclaimed the top position from London for the first time since June 2012, when the U.K. capital overtook the city-state's leading position.
The substantial rise in renminbi trades cleared in Singapore follows China's decision to name Industrial and Commercial Bank of China (ICBC) Singapore's official yuan clearing bank in February.
"Ever since last year's nomination of ICBC as a clearing bank in Singapore, we have been expecting the Singapore renminbi payments flows to accelerate, especially as Chinese companies use it as a hub to reach ASEAN countries," said Claus Kwon, head of securities markets, Asia Pacific, at SWIFT.