Singapore, 2 May 2013… The Monetary Authority of Singapore (MAS) today released a consultation paper on the proposed regulatory requirements for participating banks1 and merchant banks in Singapore to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore.
2 As part of RMB clearing arrangements, the People’s Bank of China is granting the RMB Clearing Bank in Singapore a RMB foreign exchange conversion quota to allow participating banks and merchant banks to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore for the settlement of eligible cross-border trade. MAS’ consultation paper sets out the proposed regulatory requirements that participating banks and merchant banks in Singapore must comply with when conducting such foreign exchange conversion.
3 The consultation paper is available on MAS’ website and comments should reach MAS by 16 May 2013. Interested parties may email their comments to bcong@mas.gov.sg and spencerhsu@mas.gov.sg .