Singapore the clearing bank "flower falls" icbc
The central bank website announced recently, according to its and monetary authority of Singapore will strengthen cooperation new financial services related arrangement, after review, Singapore branch of industry and commerce are authorized by the bank for RMB business in Singapore clearing bank. This means that the Singapore become the Hong Kong, China, Taiwan, China, Laos and other than a RMB clearing bank overseas area, the yuan's cross-border use further.
Set up before clearing bank in Singapore yuan trading mostly through the Chinese agent or Hong Kong designated the clearing bank for the bank of China. French agricultural credit group senior economist family watts said, the RMB clearing bank is expected to settle in Singapore to attract customers for more RMB business, make Singapore yuan trading more active.
Singapore is currently with London, Taipei, Tokyo and Hong Kong after the competition become the second offshore RMB centre. Singapore local media commentary, and set up the clearing bank boost Singapore as an offshore RMB centre.
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