Deutsche Bank today announced that it had completed the first Singapore Dollar/Offshore Renminbi (SGD/RMB) spot trade to be cleared in Singapore, following the Monetary Authority of Singapore's announcement that Renminbi (RMB) clearing in Singapore will be live as of May 27, 2013.  The trade was executed on behalf of a Singapore-based commodities company.

Live pricing of offshore RMB v. local currency pairs
In addition, Deutsche Bank has begun live pricing for offshore Renminbi versus local currency pairs across all of its onshore Asian locations (Hong Kong Dollar, Indian Rupee, Indonesian Rupiah, Korean Won, Malaysian Ringgit, Philippine Peso, Singapore Dollar, Taiwan Dollar, Thai Baht, etc.), and is the first bank in the market providing this comprehensive level of liquidity.

Live clearing in Singapore represents a major milestone in the development of the Renminbi as Singapore is widely expected to serve as a gateway for the usage of RMB in Southeast Asia, as the primary financial, commodities, and currency trading hub for the region.  China is the largest trading partner to ASEAN, and China's imports from ASEAN nations have grown by almost 70% in the last five years, significantly outpacing growth of imports from the rest of the world.

Deutsche Bank is the world's largest provider of liquidity to global FX markets, having been ranked #1 globally and in Asia by Euromoney's definitive global FX survey for the past nine years running.  As the world's leading FX franchise, Deutsche Bank is committed to the development of the RMB through all facets of foreign exchange, capital markets, credit trading and transaction banking.