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Singapore enhances funding in RMB for banks

The Monetary Authority of Singapore (MAS) on November 23 announced funding of up to 25 billion RMB (5.11 billion USD) for banks in Singapore.
Singapore enhances funding in RMB for banks ảnh 1At the Monetary Authority of Singapore (Photo: straitstimes.com)

 
Singapore (VNA) – The Monetary Authority of Singapore (MAS) onNovember 23 announced funding of up to 25 billion RMB (5.11 billion USD) forbanks in Singapore.

The scheme enhances RMB liquidity and supports banks' abilities to meet theircustomers growing business needs in the currency for Singapore and the region,said the country’s central bank in a statement.

RMB funding of up to three months will be channelled to primary dealers - banksin Singapore approved by the MAS - through the authority's money marketoperations.

To support the development of the offshore RMB market inSingapore, the authority previously established the MAS Overnight RMB LiquidityFacility along with the MAS RMB Facility.

Following the introduction of the new initiative, the MASOvernight RMB Liquidity Facility, which had a size of five billion RMB, will bediscontinued from November 23, while the MAS RMB Facility remains in operation./.

VNA
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