DBS has applied to Singapore’s central bank to tap a bilateral currency swap facility between the state and China, AsiaOne reports. The facility will enable the Singapore-based bank to provide its clients with the option of settling their trades in Chinese yuan.
The Monetary Authority of Singapore and the People’s Bank of China set up a $24.2 billion bilateral currency swap arrangement in July last year. The deal was signed to promote trade and direct investments between the two countries.
Click here for the story from AsiaOne.