Singapore enhances funding in RMB for banks

At the Monetary Authority of Singapore (Photo: straitstimes.com)

 
Singapore (VNA) – 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.

The scheme enhances RMB liquidity and supports banks' abilities to meet their customers 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 - banks in Singapore approved by the MAS - through the authority's money market operations.

To support the development of the offshore RMB market in Singapore, the authority previously established the MAS Overnight RMB Liquidity Facility along with the MAS RMB Facility.

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