DBS appointed as Singapore's second renminbi clearing bank [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
The ?Singapore branch of the Industrial and Commercial Bank of China (ICBC) was appointed as the first clearing ?bank for RMB in Singapore by the People's Bank of China in 2013. 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". DBS, Southeast Asia's largest lender by assets, said that its appointment will allow it to deliver more comprehensive and competitive RMB solutions as clients seek to diversify their ?currency risks. 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-co
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