on December 15, the People's Bank of China announced that, according to the "Memorandum of Cooperation 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. to act as the Singapore RMB clearing bank. Reporters learned that DBS Bank is the first local bank in Singapore to serve as an RMB clearing bank. A relevant person in charge of DBS Bank stated that obtaining the qualification as an RMB clearing bank will deepen DBS's cross-border RMB service capabilities, help customers invest more conveniently in various RMB-denominated financial instruments, seamlessly connect onshore and offshore RMB business demands, support customers in participating in the Chinese financial market, and seize RMB business opportunities.