China's central bank authorizes DBS as first Singapore-based RMB clearing bank

The People's Bank of China (PBOC) on Monday announced that it has authorized DBS Bank to serve as the renminbi (RMB) clearing bank in Singapore, in line with a cooperation memorandum between the PBOC and the Monetary Authority of Singapore.

DBS Bank is the first Singapore-based bank to be appointed as an RMB clearing bank.

A DBS representative said the designation will strengthen the bank's cross-border RMB services, allowing clients to invest in RMB-denominated financial instruments more easily, bridge onshore and offshore RMB business demand, and support their participation in China's financial markets to capture related opportunities.