ICBC launches renminbi clearing services in Singapore

Also inaugurates three new “hubs” focusing on renminbi businesses.

The Industrial and Commercial Bank of China, China’s largest bank, said its newly established major business hubs in Singapore include a Private Banking Hub, a Commodity and Structured Trade Finance Hub and a Cash Management Hub.

The company said the three new hubs will concentrate mainly on renminbi related businesses and offer cross-border renminbi products covering retail banking, funds settlement, trade finance, global cash management and asset management, among others.

Demand for renminbi in cross-border trade settlements and renminbi-denominated investment products in Singapore has been strong, with several companies issuing renminbi-denominated bonds.

Last Feb. 8, the People's Bank of China designated the Singapore branch of the ICBC as the reminbi-clearing bank in Singapore. Singapore is also the first regional financial center outside China to have a reminbi clearing bank.

In Hong Kong and Taiwan, local units of the Bank of China were selected to clear renminbi transactions.

ICBC Singapore will provide participating banks in Singapore safe, quality and efficient renminbi clearing services, offer value-added services such as renminbi deposit, inter-bank lending, account overdraft and secured financing.