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Unwarranted 'halo' around yuan financing

DBS' Tom McCabe says working capital needs behind currency preference
Wednesday, April 9, 2014 - 06:00

[SINGAPORE] Singapore's position as an offshore yuan centre has drawn much fanfare, but a senior executive from DBS Bank downplayed its impact on trade financing. "There's a halo around the RMB (renminbi) that is unwarranted," said Tom McCabe, head of global transaction services at DBS. The full