Singapore's DBS Bank is seeing steadily rising demand for renminbi-denominated trade settlement and financing, as Chinese companies deepen commercial ties with the rest of Asia and the international use of the Chinese currency expands.
China's cross-border interbank payment system, known as CIPS, reflects this trend, with its average daily transaction value rising from about 680 billion yuan ($100.7 billion) in 2025 to roughly 830 billion yuan in June. "This clearly shows that there is greater adoption of RMB for payments to counterparties in China," said Han Kwee Juan, group executive and group head of institutional banking at DBS Bank.
Han Kwee Juan
Demand for offshore renminbi has also surged in the dim sum bond market. As of June 22, issuances of dim sum bonds had reached nearly 820 billion yuan this year, up 47 percent from a year earlier, according to market tracker Wind Info. The growing appetite for offshore RMB financing underscores rising demand for cross-border payments into China, Han said.
DBS has seen more corporate clients choosing to settle trade transactions in RMB, particularly through CIPS. Increasingly, overseas companies are asking the bank to facilitate RMB payments to their Chinese counterparties, reflecting broader acceptance of the currency in regional trade.
