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21 trillion yuan cleared in S'pore in January-August

Yuan-clearing business here continues to grow fast in transaction amount and volumes

Published Wed, Sep 17, 2014 · 04:00 PM

THE yuan-clearing business in Singapore has continued to grow rapidly, with the cumulative clearing amount reaching 21 trillion yuan (S$4.3 trillion) from January to August this year.

ICBC Singapore, the only authorised yuan clearing bank in Singapore, on Wednesday called for more banking products to accommodate the growing demand for yuan financial services.

It will host its first RMB Internationalisation Summit on Sept 22 to discuss the future direction of the market, and the role Singapore plays as an offshore yuan hub.

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