DBS among banks China selects for international payments | The Edge Markets

http://www.theedgemarkets.com/sg/article/dbs-among-banks-china-selects-international-payments

DBS Group Holdings says it is among the first batch of banks selected by China’s central bank for its cross-border international payments system.

The new system, launched on Thursday, will clear yuan transactions overseas.

“As the first and only Singapore bank chosen for the launch, the bank is committed to leverage its experience in Asian financial markets like Singapore and Hong Kong to support developments in renminbi internationalisation and China’s financial reforms,” DBS says.

The yuan is now widely used for international trade, investments and official reserves.

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