MAS RMB Facility

The MAS RMB Facility is a foreign currency lending facility that allows eligible counterparties to borrow Renminbi (“RMB”) funds, obtained through the PBC-MAS bilateral currency swap arrangement, for approved uses on a term basis. It aims to promote bilateral trade with and direct investment into China ("trade purposes") and enhance financial stability in the offshore RMB market in Singapore ("market stability purposes").

Key Details

Eligible Counterparties
  • For trade purposes: Participants in MAS’ real-time gross settlement system ("MEPS+").
  • For market stability purposes: MEPS+ participants that are also participants in offshore RMB clearing and settlement services provided by the Industrial & Commercial Bank of China (Singapore Branch).
Transaction Type
RMB loan and SGD borrowing transaction ("RMB/SGD loan and borrowing transaction").
  • For trade purposes: 3 months, rollover possible.
  • For market stability purposes: 1 week or 1 month.
  • For RMB loan transaction: By reference to prevailing market interest rates.
  • For SGD borrowing transaction: The closing yield of MAS Bills with a maturity date closest to, but not past, the maturity date of the RMB/SGD loan and borrowing transaction, on the business day in Singapore immediately preceding the trade date (whether or not such a day is a business day in China).
Initial Haircuts
  • For trade purposes: None.
  • For market stability purposes: Please contact the Monetary and Domestic Market Management Department to enquire.
Operating Window
Applications, including all necessary documentation, must be submitted before 12 pm on trade date.
Next business day that is a settlement day in both Singapore and China.
Terms and Conditions
Available upon request.
Contact Information