DBS Becomes Singapore's First RMB Clearing Bank, Expanding Cross-Border Access
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On December 15, the People's Bank of China (PBOC) authorized DBS Bank to serve as the renminbi (RMB) clearing bank in Singapore, under the existing cooperation framework between PBOC and the Monetary Authority of Singapore. DBS is the first Singapore-based bank to receive this designation.
This status allows DBS to directly connect to China's onshore RMB liquidity, offering clients more integrated RMB services and smoother access between onshore and offshore markets. Corporate clients, investors, and correspondent banks can invest in RMB-denominated instruments more seamlessly, while benefiting from stronger settlement capabilities and deeper liquidity support.
The move positions DBS as a strategic bridge between Singapore and China, facilitating cross-border RMB transactions and wider participation in China's financial markets. For foreign investors, corporate treasurers, and asset managers, the authorization reduces operational friction, enhances market confidence, and opens clearer pathways to capture opportunities in China's growing RMB ecosystem.
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