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Singapore exchange announced Friday that it is ready to list, quote, trade, clear and settle securities denominated in Chinese Renminbi, aiming at more important role in offshore yuan markets.

Issuers listing RMB securities on SGX can also choose to offer dual currency trading, while their investors have the flexibility to trade the security either in RMB or Singapore dollars, the SGX said in a statement.

The SGX introduced dual currency trading which enables listed securities to be traded in two different currencies in March. The initiative this time is aim to expand the suite of foreign currencies supported by the exchange which currently includes the Australian Dollar, Hong Kong Dollar and US Dollar.

"SGX, as the Asian Gateway, is committed to being the exchange of choice for issuers with RMB fund-raising needs and for investors who are keen to participate in the China growth story. The listing and trading of RMB securities on SGX will also extend Singapore's position as an offshore RMB centre," said Magnus Bocker, CEO of the SGX.

According to the press release, the SGX represents the world's first exchange to offer the clearing of OTC FX forwards for China' s yuan.

There are more than 4,000 Chinese companies operating in Singapore and 140 of them are listed on the SGX. Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said last month that renminbi deposits in the city-state had grown to about 60 billion yuan (9.4 billion U.S. dollars), underlining strong demands for Renminbi financial products. Singapore-based companies like Global Logistics Properties and Singamas had issued renminbi debt in 2011.

Singapore has long been pursuing a significant role as an offshore yuan center, following Hong Kong and along with London and Tokyo.

Its central bank is one of the 17 central banks that have bilateral swap agreements with the People's Bank of China. It also inked an agreement with the PBoC on the establishment of a representative office in Beijing last month, representing the third overseas representative office following London and New York.

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