"This will lead to faster and more efficient payments for both onshore and offshore yuan transactions for our corporate customers. This will encourage and eventually increase the use of yuan for trade finance and investment purposes," said Lum Yin Fong, the global head of product management at DBS' global transaction services division.
"With this clearing capability, we will be able to centralise all in-house yuan clearing to China and at the same time, offer these clearing services to other financial institutions."