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Singapore central bank to boost capital market ties with China

The Monetary Authority of Singapore plans to boost capital market ties between China and Singapore with measures including a cooperation mechanism between designated Singapore and Chinese banks that lets them offer custody and trading services for investors in China's bond market.

The MAS said in an Oct. 15 release that the initiatives will help the growing interest of both Singapore- and China-based financial institutions to expand in each other's markets.

Under the measures, DBS Group Holdings Ltd. will be granted a settlement agent license by the People's Bank of China to allow DBS to trade, settle and provide custody for China's interbank bond market instruments on behalf of foreign investors.

The MAS is also in discussions with the China Securities Regulatory Commission to improve capital market connectivity. Both regulators have further agreed to boost cross-border supervisory cooperation to promote the development of the securities and futures markets.