China's capital opening a 'game changer': DBS

Singapore

AN opening of China's capital account is set to provide one of the biggest opportunities for wealth managers as millions of rich Chinese gain access to global markets, according to DBS Group Holdings.

Recent moves to allow more overseas use of the Chinese yuan, also known as the renminbi, are among the signals that wealth managers need to prepare for when rich Chinese can freely transfer their money in and out of the country, said Tan Su Shan, DBS's head of consumer banking and wealth management.