Clearing yuan trades a boon for Citi S'pore
Bank No 1 in RMB clearing volumes through ICBC S'pore
[SINGAPORE] Citi Singapore which banks almost all the big multinationals in Asia, has seen its yuan business surge following the launch of the RMB clearing facility here last year.
The US bank, which began clearing its yuan trades through ICBC Singapore last September, is the top bank here in terms of RMB clearing volumes, said Anita Loh, Singapore head, product management for Citi treasury and trade solutions.
In November and December, Citi Singapore cleared 49 billion yuan (S$10.3 billion) and 84 billion yuan respectively, giving it the number one position in terms of RMB clearing volumes through ICBC Singapore, she said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Cordlife substantial shareholders lay out separate plans to address issues after AGM
OCBC makes S$1.4 billion offer to delist Great Eastern
OCBC Q1 profit rises 5% to S$1.98 billion
Brokers’ take: Analysts positive on Aims Apac Reit’s prospects; trim targets on lower earnings estimates
Singapore stocks open lower on Thursday; STI down 0.3%
ARA H-Trust to sell 2 Hyatt House hotels for US$31 million