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DBS launches cross-border yuan loans in Suzhou Industrial Park

Published on Jun 20, 2014 11:31 AM
 
DBS branch at 22 Malacca Street. The China unit of local lender DBS Bank has helped a Southeast Asian customer based in Suzhou Industrial Park obtain a yuan-denominated loan from the bank's Singapore headquarters. -- ST PHOTO: LIM YAOHUI

SINGAPORE - The China unit of local lender DBS Bank has helped a Southeast Asian customer based in Suzhou Industrial Park obtain a yuan-denominated loan from the bank's Singapore headquarters.

This is part of a new directive by China's central bank, which allows banks in Singapore to provide yuan-denominated loans to companies located in the industrial township, without caps on the banks' annual foreign debt quotas.

DBS China has also secured cross-border yuan-denominated loan agreements with a couple of companies based in the Suzhou Industrial Park, the bank said on Friday.

The bank's Singapore headquarters is also working with companies in the industrial township keen on issuing yuan-denominated bonds here.

 

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