August 4, 2009 / 9:27 AM / 9 years ago

Singapore's DBS to offer cross-border yuan settlement

SINGAPORE, Aug 4 (Reuters) - DBS Group (DBSM.SI), Southeast Asia’s largest bank, said on Tuesday it will offer cross-border yuan settlement services in Hong Kong and Singapore.

This is to take advantage of new rules that allow firms to settle their trades with overseas parties in the Chinese currency CNY=.

DBS Hong Kong has started offering the service, while Singapore will roll out the service “very soon”, the bank said. (Reporting by Kevin Lim; Editing by Saeed Azhar)

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