Singapore renminbi clearing kicks off

Clearing of renminbi in Singapore has begun. The first reported Singapore dollar/renminbi spot trade was completed by Deutsche bank for a client based on the offshore renminbi rate.

By Daniel Flatt

May 28, 2013

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The Singapore branch of Industrial and Commercial Bank of China commenced renminbi clearing bank services yesterday (May 27). Singapore is now the third offshore centre after Hong Kong and Taiwan.

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