The Monetary Authority of Singapore (MAS) says it will provide up to RMB25 billion ($5.11 billion) of funding to banks in Singapore in a bid to deepen RMB liquidity.

The move will also further strengthen the banks’ abilities to meet the growing RMB business needs of their consumers in Singapore and the region.

Under the new initiative, RMB funding of up to three months will be channelled to the primary dealers (PDs) through MAS’s money market operations.

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