DBS Bank enters MAS bilateral currency swap

This agreement between the central banks of Singapore and China will be used to provide financing to a Singapore-based commodities company exporting to China.

According to a release, the bank will complete drawdown of the facility today, upon which it will provide RMB financing to the customer.

Said DBS Group Head of Treasury & Markets Andrew Ng, "As a leading Asian bank, DBS is happy to be an early mover in Singapore to tap the MAS-PBOC bilateral swap facility to meet client needs. We are pleased to have been able to execute the transaction as planned. Over the past week, we have also received many enquiries from Singapore clients interested to borrow RMB for trade settlement purposes, and we are confident that this successful transaction will be the first of many more to come."