Offshore renminbi structured notes for Singapore
DBS is the first financial institution to offer renminbi structured notes and unit trust to private banking clients in Singapore. The bank has also drawn up contingency plans to address the policy risk of Beijing changing its mind on the internationalisation of the renminbi by discussing the establishment of a settlement mechanism under the Singapore Foreign Exchange Market Committee writes Georgina Lee
DBS began offering offshore renminbi-denominated structured notes and unit trusts to its private banking customers in Singapore on February 28, making it the first regional bank to extend retail structured deposits and notes on renminbi bonds outside Hong Kong.
Until now most banks have offered renminbi structured deposits and a limited range of investment solutions - such as retail renminbi bond funds - to retail investors who open a bank account in Hong Kong, where the free trading of renminbi
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