MAS unveils renminbi funding for banks in Singapore

New funding scheme of up to 25 billion yuan replaces overnight funding facility


Singapore’s central bank is aiming to provide funding of up to 25 billion yuan ($5.1 billion) to banks in the city-state in a bid to boost offshore renminbi liquidity.

The initiative, announced on November 23, will deepen renminbi liquidity and further strengthen banks’ ability to meet the growing yuan business needs of their customers in Singapore and the region, the Monetary Authority of Singapore said in a statement.

Under the new scheme, the MAS will offer renminbi funding of up to three

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