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SINGAPORE,CHINA,28 October 2014 -

DBS Bank (China) Limited (“DBS China”) announced that it has successfully completed its first RMB/SGD spot deal as an official RMB/SGD market maker today. 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.”

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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About DBS
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 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 six consecutive years from 2009 to 2014.

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 20,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com

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