Unwarranted 'halo' around yuan financing

[SINGAPORE] Singapore's position as an offshore yuan centre has drawn much fanfare, but a senior executive from DBS Bank downplayed its impact on trade financing.

"There's a halo around the RMB (renminbi) that is unwarranted," said Tom McCabe, head of global transaction services at DBS.

The full-year fee income booked by Mr McCabe's transaction services division was up 17 per cent over the previous year, but this excludes income that is derived from currency arbitrage, he said.