DBS launches cross-border RMB loans in Suzhou Industrial Park

[CityFarmer]

More services are provided from Singapore Offshore RMB hub...

DBS launches cross-border RMB loans in Suzhou Industrial Park

SINGAPORE — DBS has introduced cross-border renminbi (RMB) loans for companies in the Suzhou Industrial Park, the bank’s China branch announced today (June 20).

The move comes after Singapore and China announced a new initiative to allow eligible companies and individuals in the Suzhou park to conduct cross-border RMB transactions with Singapore. This means banks in Singapore will be allowed to lend the Chinese currency to companies in the Suzhou park. Firms there can issue RMB-denominated bonds in Singapore, while equity investment funds in the park can directly invest in Singapore-based companies.
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http://www.todayonline.com/business/dbs-...trial-park

[CityFarmer]

DBS not the only bank offering the service...

HSBC Singapore, DBS sell RMB cross border loans
20 Jun 2014 16:25

HSBC Singapore and DBS Bank are among the first local banks to provide RMB-denominated loans to companies in China's Suzhou Industrial Park (SIP) under the latest RMB cross border financing initiative, as banks race to increase their business in the world's second largest economy.

With the help of HSBC's Suzhou Branch, two corporates have obtained loans for a total of RMB 150 million from HSBC Singapore, the bank said.

Both enterprises are registered with SIP; one is in bus manufacturing, and the other is a distributor of allied industrial electronics, HSBC said.

DBS Bank said it has helped, via its unit DBS Bank (China), a customer from Southeast Asia based in SIP to get a RMB loan under the new SIP cross-border RMB transactions initiative.

Source: Business Times Breaking News

[CityFarmer]

StanChart is the other one bank offering the service...

StanChart Singapore sells RMB cross border loans
20 Jun 2014 16:45
STANDARD Chartered Singapore will lend RMB39.5 million to two companies in the Suzhou Industrial Park (SIP) under the latest RMB cross border financing initiative.

The bank said Friday its Suzhou Branch has signed contracts with two clients for cross-border RMB loans between China and Singapore.

Source: Business Times Breaking News

[CityFarmer]

More China companies are allowed for the cross-border yuan transactions...

China's Tianjin Eco-City gets go-ahead for yuan deals with Singapore
08 Jul 2014 16:03
[HONG KONG] China's central bank will allow companies and individuals in Tianjin Eco-City to conduct cross-border yuan transactions with Singapore, following in the footsteps of the Suzhou Industrial Park where a trial scheme was approved last month.

The People's Bank of China (PBOC) has released rules to banks to kick off the Tianjin trial, which will allow equity investment funds and individuals to make overseas investments in yuan. It will also let companies in the area take up yuan loans from banks in Singapore, three sources told Reuters on Tuesday.
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Source: Business Times Breaking News