ICBC Singapore RMB Clearing Volume Exceeded 10 Trillion

< p > according to the latest announcement issued by ICBC Singapore Branch, the RMB clearing bank business in Singapore has shown a blowout of high speed development. Since April 8, 2014, the liquidation volume has exceeded 10 trillion yuan, and the single day clearing peak has also expanded from the initial 2 billion yuan to nearly 300 billion yuan as of April 8, 2014.

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< p > announcement shows that in the first quarter of this year, the RMB clearing bank of ICBC completed 6 trillion and 900 billion yuan, which is 2.7 times that of last year.

Since the opening of the clearing bank, the cross-border RMB clearing business involving mainland China has amounted to 640 billion yuan. Currently, 73 local and foreign banks have opened RMB clearing accounts in the Singapore clearing bank of ICBC, and the liquidation services have covered 33 countries and regions.

The total assets of the clearing bank and the amount of Renminbi deposits have doubled.

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< p > in addition to providing basic clearing services to participating banks, ICBC's Singapore clearing bank also provides RMB banking market financing, RMB foreign exchange, forward and swap pactions, cross-border RMB purchase and sale, RMB time deposits, daytime overdraft and other a href = "//www.sjfzxm.com/news/index_cj.asp" > financial products < /a > and liquidity support mechanism.

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< p > at the same time, < a href= "//www.sjfzxm.com/news/index_cj.asp" > ICBC < /a > Singapore clearing bank is also committed to the innovation and popularization of new products and services, speeding up the pace of cash circulation and mortgage financing business, carrying out the business of issuing RMB bonds to raise funds, principal and interest payment, liquidation and other businesses.

The bank also specializes in developing industry oriented online banks for financial interbank customers to facilitate participation in bank use.

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< p > in addition, the bank set up the first bond capital market team (DCM team) in Chinese banks, issuing the largest single lion loan in the city.

The bank also helped China's National Development Bank and other important clients issue offshore offshore RMB bonds, and took the lead in completing many innovative businesses such as cross-border capital pools and RMB direct loans, which effectively promoted the development of Singapore's "a href=" //www.sjfzxm.com/news/index_cj.asp "offshore RMB /a" market.

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< p > at present, ICBC's Singapore clearing bank is promoting the development of RMB futures products with the Singapore Stock Exchange, and intends to launch USD/CNH and USD/CNY futures in July this year.

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< p > in the course of business development of ICBC Singapore Branch, the RMB clearing system and the network played a vital role in ensuring that the level of automatic settlement has been continuously improved and the direct pass ratio has increased rapidly to more than 80%.

ICBC officials said that the Singapore clearing bank is now working with the Singapore monetary authority to speed up the construction of the RMB central real-time clearing system RTGS, so as to further play the advantages of ICBC's RMB group and build a more perfect financial services infrastructure, and continuously enhance the competitiveness of Singapore's RMB market.

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