FINANCIAL SERVICES | Staff Reporter, Singapore

MAS pilots upgraded RMB funding facility

It will discontinue the current RMB liquidity facility on 23 November.

The Monetary Authority of Singapore (MAS) has floated a new initiative to provide up to RMB25b ($5.11b) of funding to the banking segment, a statement read.

With this launch, the central bank will discontinue the current RMB5b ($1.05b) Overnight RMB Liquidity Facility starting 23 November.

Under the new initiative, the RMB funding of up to three months will be channelled to the Primary Dealers (PDs) through MAS’ money market operations. The funds provided to the PDs will enhance their credit intermediation capabilities and the overall RMB market liquidity in Singapore.

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