MAS to offer overnight renminbi liquidity

New facility one of multiple initiatives to encourage cross-border trading

renminbi-notes

The Monetary Authority of Singapore (MAS) is to launch a facility to provide overnight liquidity in the Chinese renminbi next month as it looks to bolster confidence in the country's burgeoning offshore market.

As of July 1, the MAS will offer up to five billion renminbi ($812 million) in overnight funds through the facility – one of two initiatives unveiled by the central bank last week.

MAS said it will "complement" its existing renminbi facility, designed to allow banks to borrow funds in the

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