Singapore Happy at Number Four - ICBC Chosen as 4th RMB Clearing Bank

Singapore hails itself as the fourth largest FX centre of the world. This has been complemented with the title of fourth centre to clear RMB trades. the People’s Bank of China (PBC) confirmed that the Industrial and Commercial Bank of China (ICBC) Singapore branch had been appointed as the Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term bank for Renminbi (RMB) in Singapore.

“The appointment of a RMB clearing bank in Singapore marks a key milestone in the growing financial cooperation between PBC and MAS, and will enable Singapore’s financial centre to play a useful role in facilitating greater use of the RMB for trade, investment and other economic activities in the region”, said Mr Ravi Menon, Managing Director, Monetary Authority of Singapore.

China and Singapore have been strengthening ties in economic trade. Following the signing of the enhanced banking services commitments under the China–Singapore Free Trade Agreement (CSFTA) in July 2012, the Singapore branches of ICBC and Bank of China were granted Qualifying Full Bank privileges with effect from 5 October 2012. Out of these two Chinese banks, ICBC Singapore branch is authorised as the RMB clearing bank.

Outside mainland China, Hong Kong, Taiwan and Macau clear the Chinese currency.

Singapore likes the number four, it recently established its fourth financial Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term - ClearTrade. Adding to the list of Singapore Commodity Exchange (SICOM), Singapore Exchange (SGX) and Singapore Mercantile Exchange (SMX).