The People's Bank of China (PBOC) on Monday announced that it has authorized DBS Bank to serve as the renminbi (RMB) clearing bank in Singapore, in line with a cooperation memorandum between the PBOC and the Monetary Authority of Singapore.

DBS Bank is the first Singapore-based bank to be appointed as an RMB clearing bank.

A DBS representative said the designation will strengthen the bank's cross-border RMB services, allowing clients to invest in RMB-denominated financial instruments more easily, bridge onshore and offshore RMB business demand, and support their participation in China's financial markets to capture related opportunities.