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DBS To Use Singapore, China FX Swap Facility
DBS Bank is seeking approval from the Monetary Authority of Singapore to provide its customers the option of settling trades in RMB, instead of in U.S. dollar terms.
DBS Bank is seeking approval from the Monetary Authority of Singapore (MAS) to provide its customers the option of settling trades in RMB, instead of in U.S. dollar terms. The move is part of a $24.4 billion bilateral currency swap arrangement between MAS and the People’s Bank of China.
The RMB financing will help Singapore-based companies exporting to China. The swap line facility is expected to promote bilateral trade and direct investments between the two countries.
Click here for the release from DBS Bank.