25 Mar '11, 1pm

OCBC launches offshore RMB certificate of deposit: By Chris Howells | Posted: 25 March 2011 2057 hrs SINGAPORE:

OCBC launches offshore RMB certificate of deposit: By Chris Howells | Posted: 25 March 2011 2057 hrs SINGAPORE:

SINGAPORE: OCBC Bank has become the first local bank to offer an offshore renminbi (RMB) certificate of deposit. The bank said it had priced a RMB$200 million fixed rate certificate of deposit in an offering in Hong Kong, targeted at institutional investors. OCBC said the offering was fully taken up within the day of its launch. This comes as banks in Singapore have begun to roll out RMB-denominated deposit products and access to so-called "dim sum" bonds in Hong Kong to investors keen to get exposure to the Chinese currency. OCBC Bank's head of group investment banking, Mr George Lee said; "As demand for RMB financing and investment options continues to grow, we expect to see a greater array of products in the market to meet investor appetite." Earlier this month, the bank launched an Offshore Renminbi Call Account and an Offshore Renminbi Time Deposit for sophisticated i...

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

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