FOREX conversion in China via an RMB clearing bank in Singapore
The People’s Bank of China (PBC) has appointed the Industrial and Commercial Bank of China Singapore branch (ICBC) as an RMB clearing bank in Singapore. Banks in Singapore and the region would be able to carry out RMB transactions through accounts opened directly with ICBC.
Singapore is the first regional financial centre outside greater China to have an RMB clearing bank. An RMB clearing bank in Singapore is expected to increase market depth and RMB liquidity circulating between Singapore and China.
After consultation with PBC and receiving feedback from the public consultation, the Monetary Authority of Singapore (MAS) has issued notices to commercial and merchant banks on the requirements for RMB conversion in Singapore. These requirements and MAS’s clarifications on certain issues have been summarised in this briefing…
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