ICBC inaugurates Yuan clearing bank service in Singapore

0 Comment(s)Print E-mail Xinhua, April 2, 2013
Adjust font size:

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.

Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter
主站蜘蛛池模板: 日本电影一区二区三区| 精品午夜福利1000在线观看| 国产麻豆剧果冻传媒一区| 中文字幕在线免费观看| 欧洲美女与动zooz| 亚洲欧美成人一区二区三区| 福利片福利一区二区三区| 国产69精品久久久久999小说| 黄瓜视频在线播放| 国产精品VA在线播放| 91制片厂天美传媒鲸鱼传媒| 女人与公狗交酡过程高清视频| 中文字幕中文字字幕码一二区| 日本黄色一级大片| 亚洲1234区乱码| 欧美成人片一区二区三区| 亚洲色婷婷综合久久| 精品久久久久久中文字幕人妻最新| 国产xvideos国产在线| 饭冈加奈子黑人解禁在线播放| 国产欧美日韩综合| 三级网站在线免费观看| 国产美女视频网站| 99久久久国产精品免费蜜臀 | 亚洲欧美视频二区| 国产精品无码专区| 91麻豆高清国产在线播放| 在线观看黄网址| bl道具play珠串震珠强迫| 尤物国产精品福利三区| 中文字幕乱码人妻综合二区三区| 日本久久中文字幕精品| 久久婷婷五月综合尤物色国产| 橘梨纱视频一区二区在线观看 | 两个人看的www免费| 无码人妻精品中文字幕免费东京热| 久久精品九九亚洲精品| 日韩电影中文字幕在线观看| 亚洲一区欧美一区| 极品唯美女同互摸互添| 亚洲AV无码一区二区三区网址|