Notice 1117 Collection of Statistical Returns for Renminbi Business Activities

MAS NOTICE 1117 8 May 2015 Last revised on 29 January 2019 NOTICE TO MERCHANT BANKS MAS ACT, CAP 186 COLLECTION OF STATISTICAL RETURNS FOR RENMINBI BUSINESS ACTIVITIES 1 This Notice is issued pursuant to section 28(3) of the Monetary Authority of Singapore Act (Cap. 186) [the “Act”] and applies to all merchant banks approved under section 28 of the Act. Definitions 2 In this Notice – “Bank in Singapore” has the same meaning as defined in section 2(1) of the Banking Act (Cap. 19). “Deposit” has the same meaning as defined in section 4B of the Banking Act. “Participating Bank” means any merchant bank approved under section 28 of the Act which has entered into an agreement with the RMB Clearing Bank for the provision of RMB clearing and settlement services. “The People’s Bank of China” means the central bank of the People’s Republic of China. “RMB” means Renminbi, the official currency of The People’s Republic of China. “RMB Clearing Bank” refers to the bank in Singapore which The People’s Bank of China has appointed as a clearing bank for RMB in Singapore. 3 The expressions used in this Notice shall, except where defined in this Notice or where the context otherwise requires, have the same meanings as in the Act and MAS Notice 1003. Returns under section 31(1) of the Act 4.1 A merchant bank shall prepare monthly RMB returns using the form set out in Appendix 1 (“Form”), in accordance with the accompanying Notes for Completion of

Appendix 1 for compiling the returns therein. 4.2 A merchant bank that does not carry out any business activities involving RMB shall provide a nil return for the Form. 4.3 A merchant bank shall furnish to the Authority the RMB returns required under paragraph 4.1 or 4.2, as the case may be, no later than 21 calendar days following the last calendar day of each month. If the 21st calendar day is not a business day, a merchant bank shall furnish returns on the immediate following business day. Effective Date 5 The Notice will take effect on 11 May 2015. Merchant banks are required to report the first set of returns according to the format prescribed in the Notice by 22 June 2015, for positions as at 31 May 2015.

• Notes on History of Amendments

1. MAS Notice 1117 (Amendment) 2019 shall take effect from the monthly returns for January 2019.

NOTES FOR COMPLETION OF APPENDIX 1 GENERAL NOTES 1 A merchant bank shall report its RMB-denominated assets and liabilities using the form set out under Appendix 1, as at the close of business on the last business day of each month: (a) For RMB-denominated bills discounted in currencies other than RMB (i.e. Part I, Item B3(b)), a merchant bank shall refer to paragraph I of Appendix 1A to MAS Notice 1003 for instructions on currency conversion rates when converting the discounted bill from such other currencies to RMB; and [MAS Notice 1117 (Amendment) 2019] (b) Part I Total Assets need not equal Total Liabilities in the returns. 2 The scope of a merchant bank’s report shall cover: (a) CNY and CNH transactions, including deliverables and non￾deliverables; and (b) Trades with external counterparties, including the merchant bank’s head office, overseas branches and subsidiaries. PART I 3 For purposes of Part I, a merchant bank shall report month-end balance figures; 4 Item A6, “Provisions for Loan Impairment” includes individual impairment for loans and collective impairment provisions for the merchant bank in Singapore’s portfolio, consistent with the bank’s financial reporting; 5 Item A7, “All other liabilities” may include paid-up capital, payables and other items as reported under items 1 through to 9 in Appendix 1 to MAS Notice 1003; 6 Item B7, “All other assets” may include equity investments, fixed assets and other items as reported under items 10 through to 20 in Appendix 1 to MAS Notice 1003;

7 Item C3, “Forward positions” means RMB forward asset purchases and forward deposits placed as reported under item 25 in Appendix 1 to MAS Notice 1003; 8 Item C4, “Others” may include gross derivative amounts, guarantees, bills for collection and other items as reported under items 21 through to 29 in Appendix 1 to MAS Notice 1003. For derivative contracts, the merchant bank in Singapore shall report the net present value of derivative contracts denominated in RMB, consistent with the merchant bank’s financial reporting; PART II 9 For the purposes of Part II, a merchant bank in Singapore shall report the value of all transactions denominated in RMB. 10 For item A3 (Foreign exchange swaps) and item A6 (Currency swaps), a merchant bank in Singapore shall report the value of the unsettled forward leg denominated in RMB at the time of the transaction. This shall not be reported again under item A1 (Spot transactions) or item A2 (Outright forwards). 11 The total value of transactions set out in Section A, “RMB Exchange Turnover” shall be equal to the total value of transactions set out in Section B, “RMB Exchange by Counterparty”.