Record-breaker: ICBC Singapore clears 14 times more yuan in 2014

It has hit its 40 trillion yuan milestone since opening.

According to an ICBC announcement, ICBC Singapore totally concluded 38,000 RMB clearing transactions in 2013, involving a clearing amount of RMB2.6 trillion.

The media release states that there were 900 clearing transactions at most for a single day, and the highest clearing amount for a single day reached RMB80 billion. 67 commercial banks opened RMB interbank current accounts with the RMB clearing bank in Singapore. Specifically, RMB financing transactions conducted with the clearing bank amounted to RMB140 billion and foreign exchange trading volume came to over RMB60 billion.

Meanwhile, ICBC Singapore Branch rapidly advanced its RMB business, achieving more than RMB150 billion cross-border RMB settlements. Furthermore, some central banks in surrounding countries also opened RMB accounts with the RMB clearing bank in Singapore to deposit Renminbi converted from US dollar reserves. It indicates Renminbi has begun to play the role as a reserve currency.

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