09-04-2014, 09:01 PM
Singapore, as a yuan offshore center, is catching up fast to HK...
ICBC Singapore yuan clearing exceeds 10t yuan
09 Apr 2014 15:33
ICBC Singapore has seen explosive growth in its yuan clearing volumes, reinforcing the Republic's growing status as an offshore yuan hub.
In the first quarter of 2014 the bank cleared 6.9 trillion yuan (S$1.4 trillion), 2.7 times the previous year, it said on Wednesday.
Daily clearing has rocketed to nearly 300 billion yuan from the initial two billion yuan, it said.
ICBC Singapore launched its yuan clearing operations here last May.
Last month, ICBC Singapore's general manager, Zhang Weiwu, said clearing volumes in the first two months of 2014 reached 4.2 trillion yuan, up from the 2.6 trillion yuan in volumes cleared between May and December last year. This represents about one-third of Hong Kong's clearing volume, he said.
...
Source: Business Times Breaking News
ICBC Singapore yuan clearing exceeds 10t yuan
09 Apr 2014 15:33
ICBC Singapore has seen explosive growth in its yuan clearing volumes, reinforcing the Republic's growing status as an offshore yuan hub.
In the first quarter of 2014 the bank cleared 6.9 trillion yuan (S$1.4 trillion), 2.7 times the previous year, it said on Wednesday.
Daily clearing has rocketed to nearly 300 billion yuan from the initial two billion yuan, it said.
ICBC Singapore launched its yuan clearing operations here last May.
Last month, ICBC Singapore's general manager, Zhang Weiwu, said clearing volumes in the first two months of 2014 reached 4.2 trillion yuan, up from the 2.6 trillion yuan in volumes cleared between May and December last year. This represents about one-third of Hong Kong's clearing volume, he said.
...
Source: Business Times Breaking News