DBS gains approval to act as RMB clearing bank in China

DBS can now facilitate onshore China bond trading and provide custody services there.

DBS has obtained approval from China to serve as an RMB clearing bank, with the go-ahead to operate in China’s onshore over-the-counter (OTC) bond market.

This makes DBS the first Singaporean bank to serve as an RMB clearing bank, it said in a press release on 15 December 2025.

The approval also allows DBS to facilitate onshore China bond trading and provide custody services offshore.

DBS customers now have direct access to China’s onshore RMB liquidity, including various RMB-denominated instruments and solutions across both onshore and offshore markets, it said.

DBS China is one of the earliest direct participants in the cross-border interbank payment system (CIPS) and has been a member since 2015. DBS Singapore was admitted as an overseas participant in September 2025.