12 Jan '11, 3pm

DBS to launch RMB-deposits

SINGAPORE: DBS is looking to launch yuan-denominated deposits and other products in Singapore in the next several months. This to tap the rising interest among savers and investors to keep their wealth in the Chinese currency. DBS would be the latest to offer such deposits in Singapore, after Bank of China and HSBC. This comes on the back of strong growth in the Singapore lender's RMB business in Hong Kong, where it has a 20 per cent market share, according to CIMB. The use of the Chinese yuan is spreading overseas, not just in international trade settlement but also among investors looking to bet on quicker appreciation in China's currency. At Bank of China's branch in New York's Chinatown, customers can now change up to US$20,000 a year, into yuan. And the Hong Kong Exchange said this week that it is considering establishing a yuan-liquidity pool to boost trading of secu...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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