MAS Says Evergrande Exposure Not Signifcant

Singapore dollar last trading flat on the session, USD/SGD up 1 pip at 1.3570, the pair hugged a narrow range through the overnight session on Monday. Familiar technical levels are in play, support seen at a 23.6% retracement level at 1.3567, below which the 50-DMA at 1.3520 awaits. Resistance is seen at 1.3635, the September high and then 1.3693, the 2021 high for USD/SGD.

• The MAS issued a statement earlier that said loans to China Evergrande by Singaporean banks are not significant and exposures not large. The comments come after China Evergrande's Hong Kong equity listing, along with its property management unit's listing, were suspended yesterday.
• Elsewhere, there were reports late yesterday that Singapore is exploring the potential of travel lanes for vaccinated passengers, officials are in negotiations with several countries including some in Europe, the UK and also with the US with a view to launching travel lanes by the end of the year.
• Singapore's trade minister Yong has defended the government's methods the the latest on the virus restrictions and noted decisions are made collectively amid criticism over confusing signals on the country's reopening plan.