DBS appointed as Singapore's second renminbi clearing bank

SINGAPORE, Dec 15 (Reuters) - DBS Bank was appointed arsenic the 2nd renminbi (RMB) clearing slope successful Singapore, 1 of 27 agreements signed during ​an yearly bilateral gathering held successful southwest China's Chongqing connected Monday.

The ‌Singapore subdivision of the Industrial and Commercial Bank of China (ICBC) was appointed arsenic the archetypal clearing ‌bank for RMB successful Singapore by the People's Bank of China successful 2013.

The Monetary Authority of Singapore, the metropolis state's cardinal bank, said successful a connection connected Monday that the assignment of DBS arsenic an RMB clearing slope volition "support ⁠further maturation of the offshore ‌RMB marketplace successful Singapore, and facilitate the usage of RMB for trade, concern and different economical activities successful enactment with ‍regional needs".

DBS, Southeast Asia's largest lender by assets, said that its assignment volition let it to present much broad and competitory RMB solutions arsenic clients question to diversify their ​currency risks.

In a abstracted agreement, the Singapore branches of ICBC and Bank ‌of China volition motorboat a aviator programme to let travellers from Singapore to unfastened and apical up integer RMB wallets for merchant payments successful China by year-end.

Both countries besides agreed to commence an "over-the-counter" enslaved marketplace arrangement.

"The statement enables designated banks successful Singapore to supply organization investors with entree to selected fixed income ⁠products connected the China Interbank Bond Market," ​MAS said.

A elder DBS enforcement said successful August ​that the lender has observed increasing involvement from Chinese exporters to settee trades successful RMB, peculiarly with counterparts successful Latin America ‍and the Middle ⁠East.

The agreements travel amid a greater propulsion from China to beforehand cross-border RMB colony and different fiscal services.

In April, PBOC-controlled fiscal services steadfast China ⁠UnionPay strengthened its outgo web successful Vietnam and Cambodia, portion the cardinal slope announced steps ‌to beforehand cross-border yuan colony and different fiscal services.

(Reporting by Jun ‌Yuan Yong; Editing by David Stanway)