Clearing yuan trades a boon for Citi 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.