ICBC S'pore sees jump in yuan clearing volumes

[SINGAPORE] ICBC Singapore has seen explosive growth in its yuan clearing volumes, and is planning on rolling out yuan futures products, reinforcing the Republic's growing status as an offshore yuan hub.

In the first quarter of 2014, the bank cleared 6.9 trillion yuan (S$1.4 trillion), 2.7 times the previous year's amount, because of increased trade finance and lending activities, it said yesterday.

Daily clearing has rocketed to nearly 300 billion yuan from the initial two billion yuan, it said.