[People's Bank of China Authorizes DBS Bank as Singapore's RMB Clearing Bank] According to a report by Golden Finance, the People's Bank of China announced on December 15 that, based on the 'Memorandum of Understanding between the People's Bank of China and the Monetary Authority of Singapore,' the People's Bank of China has decided to authorize DBS Bank Ltd. as the RMB clearing bank in Singapore. It has been noted that DBS Bank is the first local Singaporean bank to serve as an RMB clearing bank. A representative from DBS Bank stated that obtaining the qualification as an RMB clearing bank will enhance DBS's cross-border RMB service capabilities, help clients invest more conveniently in various RMB-denominated financial instruments, seamlessly connect onshore and offshore RMB market demands, support clients in participating in China's financial markets, and seize opportunities in RMB-related business.