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Cross-border yuan loan service to Suzhou park clients sees good response

Published on Jun 20, 2014 6:57 PM
 
Chinese 100 yuan banknotes. Singapore-incorporated banks are seeing brisk business from a new deal that allows eligible firms and individuals in the Suzhou Industrial Park (SIP) to conduct cross-border yuan transactions with Singapore. -- PHOTO: REUTERS

SINGAPORE-incorporated banks are seeing brisk business from a new deal that allows eligible firms and individuals in the Suzhou Industrial Park (SIP) to conduct cross-border yuan transactions with Singapore.

HSBC Singapore said in a statement on Friday that it was among the first batch of banks to lend 150 million yuan to two corporate clients.

It did so within 30 minutes of the registration system opening on Thursday.

The two clients - a bus manufacturing enterprise and a distributor of allied industrial electronics - are registered with SIP.

 
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