MAS, PBoC in Singapore RMB promotion drive

The Monetary Authority of Singapore (MAS) is setting up a facility to provide overnight renminbi liquidity to financial institutions in Singapore, to be launched on 1 July. Meanwhile, the Nanjing branch of the People’s Bank of China (PBoC) has released a set of interim procedures to allow eligible corporates and individuals in the Suzhou Industrial Park (SIP) to conduct cross-border RMB transactions with Singapore.