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ICBC Singapore clears 35m yuan transaction through new China system

Launch of Crossborder Interbank Payment System marks turning point in internationalisation of yuan

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An employee of an Industrial and Commercial Bank of China Ltd (ICBC) branch, part of the Shanghai Free Trade Zone, works at her desk during a government organized media tour in Shanghai, in this Sep 24, 2014.

Singapore

THE Industrial and Commercial Bank of China (ICBC) Singapore cleared a yuan transaction on Thursday under China's long-anticipated international payment system.

ICBC Singapore said it successful cleared 35 million yuan (S$7.8 million) on the Crossborder Interbank Payment