ICBC Singapore's yuan-clearing services grows exponentially
Published on Apr 9, 2014 3:37 PM
Chinese bank ICBC Singapore has seen an explosive growth in the adoption of the yuan in Singapore since launching its yuan clearing services in May last year.
The bank said on Wednesday that it has so far cleared some 10 trillion yuan (S$2 trillion) since then.
It now clears some 300 billion yuan daily, up from just 2 billion yuan in the early days after clearing services were launched.
In the first quarter of this year alone, the bank cleared 6.9 trillion yuan, 2.7 times more than it cleared in the whole of last year.
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