Arab Today, arab today china\s icbc inaugurates yuan clearing bank service in singapore
Last Updated : GMT 04:38:06
Arab Today, arab today
Arab Today, arab today

China\'s ICBC inaugurates Yuan clearing bank service in Singapore

Arab Today, arab today

Arab Today, arab today China\'s ICBC inaugurates Yuan clearing bank service in Singapore

Singapore - XINHUA

The Industrial and Commercial Bank of China (ICBC) announced on Tuesday its inauguration of RMB clearing bank services in Singapore, together with its newly established major business hubs, including Private Banking Hub, Commodity and Structured Trade Finance Hub, and Cash Management Hub.The company said the three new hubs are focusing mainly on RMB related businesses and offer cross-border RMB products covering areas such as retail banking, funds settlement, trade finance, global cash management and asset management, etc.On Feb. 8, the People\'s Bank of China designated the Singapore branch of the ICBC as the yuan-clearing bank in Singapore. Singapore is also the first regional financial center outside China to have a yuan clearing bank. In China\'s Hong Kong and Taiwan, the local units of the Bank of China had been picked to clear yuan transactions in 2004 and 2012, respectively.Earlier in last June, Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), said at a seminar that the pool of yuan deposits in Singapore was estimated to be around 60 billion yuan (9.68 billion U.S. dollars).Then a serie of fruitful collaborations between the central banks of both countries have been announced. In last October, MAS extended Qualifying Full Bank privileges to ICBC and Bank of China as part of the China-Singapore Free Trade Agreement.The Singapore Exchange said it is ready to quote, trade, clear and settle RMB-denominated securities. Last month, the two central banks doubled the size of their bilateral currency swap facility from 150 billion yuan (24.2 billion U.S. dollars) to 300 billion yuan (48.4 billion U.S. dollars).Meanwhile, the demand for yuan in cross-border trade settlement and yuan-denominated investment products in Singapore has been strong, and several companies already issued yuan-denominated bonds.Ravi Menon, Managing Director of the MAS, said in the ICBC\'s inauguration ceremony here that \"offshore RMB activities in Singapore will be underpinned by the strong and growing trade flows between the region and China.\"According to Ravi Menon, the two countries have bilateral trade exceeding 80 billion U.S. dollars, while the trade between China and ASEAN also recorded at 400 billion U.S. dollars. \"This large and growing cross border trade will fuel greater RMB trade settlement activity in Singapore over time. The RMB clearing bank will be an important channel for RMB liquidity to circulate between Singapore and China.\" he said.In financing aspect, Ravi Menon also said, with the existing RMB-denominated bonds, Singapore will see \"the range of RMB- denominated product offerings to expand, as regional corporates raise RMB financing through bond issuances and equity listings, to tap on the strong investor base in the region.\"Jiang Jianqing, ICBC Chairman and Executive Director, said at the event that ICBC Singapore will provide to participating banks in Singapore safe, quality and efficient RMB clearing services, offer value-added services such as RMB deposit, inter-bank lending, account overdraft and secured financing;He also added the new clearing bank service will provide comprehensive cross-border RMB settlement and financing services based on the salient trading characteristics and specific requirements of companies in Singapore, which will further enhance the economic ties between China and Singapore as well as the ASEAN region.According to the ICBC, the cross-border transactions of ICBC domestic and overseas institutions have exceeded 1.53 trillion yuan (247 billion U.S.dollars) in 2012, up nearly 70 percent from previous year and the RMB clearing network covers up to 70 countries and regions in the world.ICBC Singapore Branch, established in 1993, had its assets reaching 15.3 billion yuan (2.47 billion U.S. dollars) as of the end of last year, and the RMB settlement in that year was over 94. 0 billion yuan (15.2 billion U.S. dollars), surging 107 percent on year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s icbc inaugurates yuan clearing bank service in singapore Arab Today, arab today china\s icbc inaugurates yuan clearing bank service in singapore

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s icbc inaugurates yuan clearing bank service in singapore Arab Today, arab today china\s icbc inaugurates yuan clearing bank service in singapore

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday