ICBC overseas RMB processing center put up in Singapore

ICBC set up its first overseas Reminbi Processing Center in Singapore for its promising location.

The bank's strategy is to go international and take advantage of fast growth of RMB business in the region.

The bank made the decision to set up the center after due consideration and the move showed that the bank believed that the RMB operations in Singapore enjoyed promising prospects, said Wang Lili, executive director and senior vice president of the world's largest bank.

ICBC will leverage on the favorable geographical location and business environment as an international financial and trade center to make the Singapore branch "ICBC Group's RMB Processing Center for Southeast Asia," she said.

Wang said ICBC is striving to expand its cross-border RMB businesses by leveraging on its global network. The cross-border trade settlement transactions handled by ICBC since July 2009, when the RMB cross-border settlement pilot project was launched, total more than 150 billion yuan, or 98.7 billion U.S. dollars.

In line with the rapid expansion of RMB business in Singapore, local and international banks have been racing to offer RMB deposit and wealth management services to retail customers. Some are also planning to launch RMB-denominated bond products in the near future.

You can read the full story at Xinhuanet.com.