China To Hire S’pore Yuan Clearing Bank

Singapore is aiming to become the first overseas hub for trading the renminbi,金融时报》reports. Beijing will soon hire a Chinese bank to clear yuan trades in the city state.

The clearing bank may either be theIndustrial and Commercial Bank of ChinaorBankof China, which have the largest Chinese banking operations in Singapore. The move will allow Singaporean banks to directly access onshore renminbi, rather than having to route transactions through Hong Kong or commercial banks on the mainland.

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