Beijing has named Industrial and Commercial Bank of China (ICBC), the world's biggest bank, as the clearing bank for offshore yuan business in Singapore.
"Based on the arrangement between the People's Bank of China and the Monetary Authority of Singapore to strengthen co-operation in financial services, the PBOC has decided to authorise ICBC's Singapore branch as the clearing bank of renminbi business in Singapore," the central bank said yesterday in a statement on its website.
via Business feed http://www.scmp.com/business/banking-finance/article/1146392/beijing-approves-icbc-yuan-role
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