MAS to offer overnight renminbi liquidity
New facility one of multiple initiatives to encourage cross-border trading
The Monetary Authority of Singapore (MAS) will launch a facility to provide overnight liquidity in the Chinese renminbi next month, as it looks to bolster confidence in the country's burgeoning offshore market.
As of July 1, the MAS will offer up to five billion renminbi ($812 million) in overnight funds through the facility – one of two initiatives unveiled by the central bank last week.
The central bank said it will "complement" the MAS's existing renminbi facility designed to let banks borrow
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