The RMB has become a widely used currency for international trade, investments and official reserves. The RMB is currently ranked the fourth largest currency for global payments in an August 2015 report by SWIFT, accounting for 2.79% of world payments, which is a record high. Prior to the launch of CIPS, offshore RMB clearing was done through appointed exclusive clearing banks. The launch of CIPS allows for greater access and transparency for foreign banks in China. For the first time, non-Chinese banks will be allowed to have direct access to China's onshore liquidity pool for offshore RMB transactions. CIPS is an important milestone in the internationalisation of the RMB and China’s financial reforms, as it improves the Chinese financial sector’s ability to conduct international RMB transactions. CIPS will accelerate the internationalisation of the RMB, increasing its importance as a global payment currency.
Neil Ge, CEO of DBS China said, “Improving the financial infrastructure for the internationalisation of the RMB is essential, and the launch of CIPS will bring China closer to having a major currency for both trade and investment purposes. DBS is honoured to be among the first batch of banks selected to participate in CIPS. We look forward to providing greater convenience and a wider variety of RMB products to our clients. DBS’ participation in CIPS demonstrates our commitment to be at the forefront of transaction banking and to provide clients with the latest payments services and market infrastructure.“
Headquartered in Singapore, DBS is a leading financial services group in Asia and contributed significantly to Singapore’s development into an international financial centre. China is one of DBS’ key priority markets and the bank has been actively supporting the development of RMB internationalisation. DBS China is among the first batch of financial institutions and one of the first two foreign banks to commence business in the China (Shanghai) Pilot Free Trade Zone, a test bed for RMB internationalisation. DBS is also a key player in the offshore RMB market in Hong Kong and Singapore, serving customers with cross-border financing and transactional needs.
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About DBSDBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
