Notices
Notice 1116 Foreign Exchange Conversion in China via the Renminbi Clearing Bank for the Settlement of Eligible Cross-Border Trade
Requirements for merchant banks conducting foreign exchange conversion in China via the Renminbi Clearing Bank.
Issued pursuant to:
Monetary Authority of Singapore Act (Cap. 186) section 28(3)
This notice applies to all merchant banks in Singapore that conduct foreign exchange conversion in China via the Renminbi Clearing Bank for the settlement of eligible cross-border trade. It sets out the requirements for merchant banks to comply with, including verification of eligible trade, record keeping and reporting.
Note:
MAS has issued a revised Notice 1116 (433.3 KB) that will take effect from 1 July 2021.
Amendment Notes
- 01 Aug 2014
- MAS Notice 1116 (Amendment) 2014 (90.2 KB) takes effect.
- 23 Oct 2013
- MAS Notice 1116 (Amendment) 2013 (140.6 KB) takes effect.
Related to this Notice
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NoticesLast Revised Date: 12 July 2021
Notice 1117 Collection of Statistical Returns for Renminbi Business Activities [Cancelled with effect from 1 July 2021]
Requirements, templates and instructions for all merchant banks when submitting statistical returns for Renminbi business activities.
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CircularsPublished Date: 22 October 2013
BD 08/2013: Conduct of Renminbi (RMB) Business in Singapore
Provides information on the scope of RMB business that banks and merchant banks can conduct in Singapore.
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FAQsPublished Date: 22 October 2013
FAQ on Conduct of Renminbi (RMB) Business in Singapore
Provides clarifications to some frequently asked questions on the conduct of RMB business activities in Singapore.