Key Details
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Eligible Counterparties
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For trade purposes: Participants in MAS’ real-time gross settlement system ("MEPS+").
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For market stability purposes: MEPS+ participants that are also participants in offshore RMB clearing and settlement services provided by the Industrial & Commercial Bank of China (Singapore Branch).
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Transaction Type
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RMB loan and SGD borrowing transaction ("RMB/SGD loan and borrowing transaction").
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Tenor
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For trade purposes: 3 months, rollover possible.
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For market stability purposes: 1 week or 1 month.
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Rate
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For RMB loan transaction: By reference to prevailing market interest rates.
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For SGD borrowing transaction: The closing yield of MAS Bills with a maturity date closest to, but not past, the maturity date of the RMB/SGD loan and borrowing transaction, on the business day in Singapore immediately preceding the trade date (whether or not such a day is a business day in China).
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Initial Haircuts
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For trade purposes: None.
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For market stability purposes: Please contact the Monetary and Domestic Market Management Department to enquire.
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Operating Window
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Applications, including all necessary documentation, must be submitted before 12 pm on trade date.
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Settlement
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Next business day that is a settlement day in both Singapore and China.
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Terms and Conditions
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Available upon request.