Home / Business / Finance

ICBC becomes Singapore yuan clearing bank

Xinhua | Updated: 2013-04-03 10:16

BEIJING - China's central bank on Tuesday signed an agreement with the country's largest lender, ICBC, to authorize the bank's Singapore branch as the clearing bank of renminbi business in Singapore, a move that will further boost the yuan's global presence.

The People's Bank of China, or the central bank, on Tuesday also signed a cooperation memorandum on RMB business in Singapore with the Monetary Authority of Singapore.

"The signing of the two documents will help Chinese and Singaporean enterprises and financial institutions to use renminbi for cross-border transactions and further facilitate the liberalization and convenience of trade and investment," the PBOC said in a statement on its website.

According to the agreement signed by the PBOC and the Industrial and Commercial Bank of China's Singapore branch, financial institutions in Singapore and China can engage in cross-border yuan clearing business through the ICBC's Singapore branch, apart from agent banks.

Singapore and other major financial centers like Taiwan and London are competing with each other to capitalize on the rapid growth of the offshore yuan-denominated trades and financial products, a field dominated by Hong Kong.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349