DBS to debut CNH structured notes in Singapore; close-out settlement backstop in place to deal with China policy u-turn
DBS is set to become the first financial institution to offer renminbi structured notes and unit trust to private banking clients in Singapore on February 28. 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 similar to the one that handled offshore ringgit in 1998.
DBS will start offering offshore renminbi (CNH) structured notes and unit trusts to its private banking customers in Singapore from February 28, making it the first regional bank to extend retail structured deposits and notes tied to 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 clients who open a bank account in Hong Kong, where the free trading of
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