DBS becomes Singapore’s second RMB clearing bank
PBoC and MAS agree to deepen collaboration on securities, e-CNY and other areas
DBS Bank is to begin offering renminbi clearing services, following a high-level meeting between Singaporean and Chinese officials this week that also led to the initiation of a digital renminbi pilot for Singaporean travellers and other bilateral agreements.
The People’s Bank of China said it had granted the Singaporean lender approval to offer renminbi clearing services on December 15. This followed a meeting in the Chinese city of Chongqing in which 27 memorandums of understanding were signed
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