The People's Bank of China authorizes DBS Bank to act as the RMB clearing bank in Singapore
2025-12-15 11:39:26
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 decided to authorize DBS Bank Limited to serve as a RMB clearing bank in Singapore. The reporter learned that DBS Bank is the first local bank in Singapore to serve as a RMB clearing bank. The relevant person in charge of DBS Bank said that the approval of the RMB clearing bank qualification will deepen DBS's cross-border RMB service capabilities, help customers invest in various RMB-denominated financial instruments more conveniently, and seamlessly connect the RMB business needs of the onshore and offshore markets. Support customers to participate in China's financial marekt and seize RMB business opportunities.
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