DBS Bank (China) has completed its first renminbi/Singapore dollar spot deal as an official renminbi/SGD market maker. The deal is also the first renminbi/SGD deal in China’s interbank market since the launch of direct renminbi/SGD trading.

 

Kyle Tan, DBS China’s head of trading said, "Trading activities have been robust on the debut of renminbi/SGD direct trading. DBS China has successfully completed the first renminbi/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 renminbi into SGD directly instead of using the dollar as an intermediary.”

 

In addition to being one of the first batch of renminbi/SGD direct trading market makers, DBS China is the only Singapore bank to be appointed as the official renminbi-USD FX spot, forward and swap market maker in China.