The Monetary Authority of Singapore (MAS) announced on 13 June 2014 that a facility for providing overnight Renminbi (RMB) liquidity to financial institutions in Singapore will be launched on 1 July 2014.  MAS also welcomed the directive issued today by the People’s Bank of China (PBC) Nanjing branch that will allow eligible corporates and individuals in the Suzhou Industrial Park (SIP) to conduct cross-border RMB transactions with Singapore.  These initiatives will further promote the international use of RMB and facilitate the growth of the RMB offshore market in Singapore.

For more information, please refer to www.mas.gov.sg.