The Misinformation About Euro Dollars

The Singapore central bank is doing exactly what the Fed is doing. It's buying assets from non-banks. And it's showing up in a retail banking system. There's another bank, this rival bank, United Overseas Bank whose deposits jumped 40%. Now they talk about lending to the central bank. What that means is just what it said: The central bank of Singapore comes in and buys an asset from non-bank. But it also credits that bank with reserves. Those reserves are earning interest. That's all the, that's the so-called lending they're talking about. Right.