Continues to be at the forefront of the RMB market in Singapore
SINGAPORE, 11 July 2011 - On 29 June 2011, DBS Bank announced that it had
applied to the Monetary Authority of Singapore (MAS) to tap the bilateral currency swap
agreement established between the central banks of Singapore and China, to provide
financing to a Singapore-based commodities company exporting to China.
DBS is pleased to announce that on 7 July 2011, it had successfully entered into
an agreement with the MAS to tap the facility. The bank will complete drawdown of the
facility today, upon which it will provide RMB financing to the customer.
Said DBS Group Head of Treasury & Markets Andrew Ng, "As a leading Asian
bank, DBS is happy to be an early mover in Singapore to tap the MAS-PBOC bilateral
swap facility to meet client needs.
We are pleased to have been able to execute the
transaction as planned. Over the past week, we have also received many enquiries from
Singapore clients interested to borrow RMB for trade settlement purposes, and we are
confident that this successful transaction will be the first of many more to come."
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