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- Sep 24, 2008
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I love it! More and more Chinese offerings in Singapore
I will change the bulk of my savings into yuan for deposit.
Yuan will appreciate for sure.
I have been riding the China wave since my youth. All the Western-educated Hollywood-influenced jokers called us Chinese helicopters but even my barely passable English is better than theirs
China is the best. Western economies are dead, bankrupt and worthless.
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1109482/1/.html
SINGAPORE: DBS Bank has begun offering yuan-denominated investments to its private banking and treasures customers in Singapore, entering a competitive new market.
DBS follows other banks, such as HSBC and Bank of China, which have launched similar products to cater to growing interest in the Chinese currency outside of China.
DBS requires a minimum deposit of S$50,000 and will pay up to 1.085 per cent interest for a six-month deposit.
The Singapore bank is also set to launch access to yuan-denominated bonds in Hong Kong in the weeks ahead.
The bank said the recent liberalisation of the Chinese yuan and its increasing importance in international trade make the currency attractive to investors.
DBS said the yuan is likely to appreciate five per cent annually for the next five years.
DBS Bank chief investment officer Lim Say Boon said: "In terms of trade, China essentially parallels the US now in terms of its share of merchandise exports.
"It's starting to approach the US in terms of its share of merchandise imports. So huge growths in trade and foreign exchange reserves makes the Chinese Yuan hugely attractive".
-CNA/wk
I will change the bulk of my savings into yuan for deposit.
Yuan will appreciate for sure.
I have been riding the China wave since my youth. All the Western-educated Hollywood-influenced jokers called us Chinese helicopters but even my barely passable English is better than theirs
China is the best. Western economies are dead, bankrupt and worthless.
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1109482/1/.html
SINGAPORE: DBS Bank has begun offering yuan-denominated investments to its private banking and treasures customers in Singapore, entering a competitive new market.
DBS follows other banks, such as HSBC and Bank of China, which have launched similar products to cater to growing interest in the Chinese currency outside of China.
DBS requires a minimum deposit of S$50,000 and will pay up to 1.085 per cent interest for a six-month deposit.
The Singapore bank is also set to launch access to yuan-denominated bonds in Hong Kong in the weeks ahead.
The bank said the recent liberalisation of the Chinese yuan and its increasing importance in international trade make the currency attractive to investors.
DBS said the yuan is likely to appreciate five per cent annually for the next five years.
DBS Bank chief investment officer Lim Say Boon said: "In terms of trade, China essentially parallels the US now in terms of its share of merchandise exports.
"It's starting to approach the US in terms of its share of merchandise imports. So huge growths in trade and foreign exchange reserves makes the Chinese Yuan hugely attractive".
-CNA/wk
