DBS Extends Offshore Yuan Services to Singapore Individuals
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DBS Group Holdings Ltd., Southeast Asia’s biggest bank, said individual customers in Singapore are now able to purchase and deposit yuan to take advantage of China’s currency appreciation and rising interest rates.
Investors may buy yuan in Hong Kong’s offshore market using accounts with a minimum S$50,000 ($39,290) of funds, V Arivazhagan, head of consumer treasury products at DBS, said at a press briefing today in Singapore. Yuan bought using the facility can’t be transferred to onshore accounts in China.