UOB sets up cross-border yuan solutions unit
UOB has set up a new unit to help companies manage their cross-border business in yuan, as it seeks to ride on the currency's ongoing internationalisation.
Its "renminbi solutions" team will give companies advice on how "policy and regulatory changes designed to accelerate the internationalisation" of the yuan will affect their business, it said in a press release on Wednesday.
The bank told The Business Times in an email that this team is led by four senior executives and is based in Shanghai, Hong Kong and Singapore.
UOB deputy chairman and chief executive Wee Ee Cheong said in a statement that "the need for renminbi financial solutions has intensified alongside China's rising economic influence as the world's largest trading nation".
Singapore's sole yuan-clearing bank, ICBC Singapore, said in January this year that it had cleared 40 trillion yuan (S$8.7 trillion) since its appointment to the role in February 2013. The bulk of that - 37.5 trillion yuan - was cleared in 2014, it said.
Yuan deposits in Singapore also grew to 257 billion yuan as at June 2014, up 84 per cent from the previous year, the Monetary Authority of Singapore said in August last year.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards