DBS appointed as Singapore's second renminbi clearing bank (www.reuters.com)
from schizoidman@lemmy.zip to world@lemmy.world on 20 Dec 13:30
https://lemmy.zip/post/55357749

The Monetary Authority of Singapore, the city state’s central bank, said in a statement on Monday that the appointment of DBS as an RMB clearing bank will “support further growth of the offshore RMB market in Singapore, and facilitate the use of RMB for trade, investment and other economic activities in line with regional needs”.

In a separate agreement, the Singapore branches of ICBC and Bank of China will launch a pilot programme to allow travellers from Singapore to open and top up digital RMB wallets for merchant payments in China by year-end.

Both countries also agreed to commence an “over-the-counter” bond market arrangement.

#world