MAS Overnight RMB Liquidity Facility

Description

 

The MAS Overnight RMB Liquidity Facility is a foreign currency lending facility that allows eligible counterparties to borrow Renminbi ("RMB") funds on an overnight basis. It aims to bolster market confidence by providing financial institutions with the assurance that their short-term RMB funding need will be met.

Eligible Counterparties

 

MEPS+ participants that are also participants in offshore RMB clearing and settlement services provided by the Industrial & Commercial Bank of China (Singapore Branch).

Eligible counterparties that have not established SWIFT MT199 RMB Standard Settlement Instructions ("RMB SSIs") with the Authority shall contact the Authority at least three (3) business days before any transaction to establish and exchange RMB SSIs.

Tenor

Overnight

Size

RMB 5 billion

Allotment and Rate

RMB funds will be allotted daily through a fixed rate tender. A bank intending to borrow funds (“applicant”) is required to submit an application stating the amount of RMB it is requesting to borrow ("requested amount").

 

Each applicant will be allotted their requested amount, if the total RMB funds requested on that Business Day is less than or equal to RMB 5 billion. Where the total RMB funds requested exceeds RMB 5 billion, the funds will be allotted equally among applicants, and up to their requested amounts if applicable. The interest rate payable by applicants is the overnight CNH HIBOR fixing with a spread applied by MAS, to be published daily on this page at 4.30pm.

Eligible Collateral

SGD cash, Singapore Government Securities (SGS) Bonds and T-Bills, MAS Bills

Initial Haircuts

Available upon request

Operating Window

Applications must be submitted between 4.40 pm - 5.00 pm.

Settlement

Same-day (T+0)

Contact Information

Official dealing line: +65 6229 9150

Email: sgddiv@mas.gov.sg

Terms and Conditions

Available upon request

Rate

 

 

Last Modified on 26/11/2016