The People's Bank of China reported that Governor Pan Gongsheng met DBS Group Chief Executive Officer Tan Su Shan and witnessed the signing of a renminbi business clearing agreement. Following authorisation from the People's Bank of China, DBS Group will serve as Singapore’s second renminbi clearing bank and the first Singapore-based bank to take on the role. Discussions covered DBS Group’s business expansion in China and wider financial cooperation. The clearing-bank cooperation is intended to provide more convenient renminbi clearing services and additional settlement options to support China–Singapore trade and investment.
Central Bank of the Republic of China 2026-03-24
People's Bank of China authorises DBS Group to become Singapore’s second renminbi clearing bank
The People's Bank of China announced that DBS Group has been authorized as Singapore's second renminbi clearing bank, marking the first time a Singapore-based bank assumes this role. Governor Pan Gongsheng and DBS CEO Tan Su Shan discussed DBS's business expansion in China and broader financial cooperation. The agreement aims to enhance renminbi clearing services and settlement options to bolster China–Singapore trade and investment.