(13 August 2025 – Singapore) DBS Group, Southeast Asia’s largest lender, is witnessing increased demand from Chinese exporters to settle transactions in renminbi (RMB), particularly with partners in Latin America and the Middle East.
“Right now, you see the Chinese exporters, some are beginning to ask and say, I’m going to sell in RMB, please settle in RMB,” said Han Kwee Juan, DBS’s group head of institutional banking, told Reuters in his first media interview since taking the role in January. “Is that a trend that will continue? I think that it’s something that they will continue to ask for as they trade more with the rest of the world, outside of the U.S.”
The trend reflects a broader move by emerging markets to trade in local currencies and reduce reliance on the U.S. dollar. However, Han noted most settlements outside China are still “largely in dollars.”
DBS China, a member of the Cross-Border Interbank Payment System (CIPS) since 2015, has seen its yuan settlement flows via the system grow 30 percent year-on-year in 2024. Han emphasised that while uptake is rising, the shift to RMB remains gradual.