DBS sees rising cross-border RMB use as China-ASEAN trade expands

DBS Bank has seen steady growth in the international use of the renminbi, driven by rising trade and investment between China and the rest of Asia. Han Kwee Juan, group head of institutional banking at DBS, said the average daily CIPS transaction value rose from about 680 billion yuan ($100.7 billion) last year to roughly 830 billion yuan in June, while this year’s dim sum bond issuance climbed nearly 47 percent year-on-year as of June 22. He said more Chinese exporters are requesting RMB settlement, a trend DBS expects to continue, supported by China’s strengths in AI infrastructure, data centers, electric vehicles and manufacturing, which are boosting trade with the Association of Southeast Asian Nations.

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