The People's Bank of China has authorized DBS Bank to serve as the Renminbi clearing bank in Singapore.

The People's Bank of China announced on December 15 that according to the Memorandum of Cooperation between the People's Bank of China and the Monetary Authority of Singapore, the People's Bank of China has authorized DBS Bank Limited to be the RMB clearing bank in Singapore. It was learned that DBS Bank is the first local bank in Singapore to be appointed as the RMB clearing bank. A spokesperson for DBS Bank stated that being approved as the RMB clearing bank will deepen DBS's cross-border RMB service capabilities, help customers to invest in various RMB-denominated financial instruments more conveniently, seamlessly connect onshore and offshore RMB market demands, support customers to participate in the Chinese financial market, and seize RMB business opportunities.