Contributing to the acceleration of RMB internationalisation.
DBS Bank (China) Limited (DBS China) has announced that it has successfully completed its first RMB/SGD spot deal as an official RMB/SGD market maker.
According to a release from DBS, the deal is also the first RMB/SGD deal in China’s interbank market since the launch of direct RMB/SGD trading.
Kyle Tan, DBS China’s Head of Trading said, "Trading activities have been robust on the debut of RMB/SGD direct trading.
DBS China has successfully completed the first RMB/SGD spot deal with a Chinese bank at the start of the trading day this morning.
Chinese businesses and Singapore corporates based in China will now be able to better manage their FX risks as they can convert RMB into SGD directly instead of using the dollar as an intermediary.”
Here's more from DBS:
Direct RMB/SGD trading is a key milestone in the acceleration of RMB internationalisation and closer business cooperation and trade ties between Singapore and China.
DBS China is one of the most active participants in China’s interbank foreign exchange market. In addition to being one of the first batch of RMB/SGD direct trading market makers, DBS China is the only Singapore bank to be appointed as the official RMB-USD FX spot, forward and swap market maker in China.
DBS China’s Treasury and Markets team will leverage its extensive experience in foreign exchange derivatives products innovation to help clients and other financial institutions effectively manage their foreign exchange risks, reduce currency hedging costs as well as contribute to RMB internationalisation and the development of the foreign exchange market in China.
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