08 Feb '11, 12pm

DBS enters RMB-product foray for retail investors: By Chris Howells | Posted: 08 February 2... etailersXclusive.com

DBS enters RMB-product foray for retail investors: By Chris Howells | Posted: 08 February 2... etailersXclusive.com

SINGAPORE: DBS Bank has begun offering yuan-denominated investments to its private banking and treasures customers in Singapore, entering a competitive new market. DBS follows other banks, such as HSBC and Bank of China, which have launched similar products to cater to growing interest in the Chinese currency outside of China. DBS requires a minimum deposit of S$50,000 and will pay up to 1.085 per cent interest for a six-month deposit. The Singapore bank is also set to launch access to yuan-denominated bonds in Hong Kong in the weeks ahead. The bank said the recent liberalisation of the Chinese yuan and its increasing importance in international trade make the currency attractive to investors. DBS said the yuan is likely to appreciate five per cent annually for the next five years. DBS Bank chief investment officer Lim Say Boon said: "In terms of trade, China essentially p...

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

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