ICBC Singapore launches round-the-clock RMB clearing services

It's the longest-running RMB clearing network.

ICBC Singapore has announced its launch of round-the-clock RMB clearing services, establishing Singapore as a focal point of a global RMB clearing network that boasts the world’s longest period of service availability.

According to a release from ICBC, the extension of clearing hours is the latest in a series of ongoing RMB product and service enhancements by ICBC Singapore as the country’s sole PBOC-appointed RMB clearing bank, and leverages its existing RMB clearing infrastructure.

With this new development, Singapore becomes the cornerstone of ICBC’s RMB clearing network, which spans three time zones across Asia, Europe and the Americas. The network is the only one to cover all three regions, and currently consists of ICBC RMB clearing branches in Canada, Luxembourg, Qatar, Thailand and Singapore.

"As Singapore’s official RMB clearing bank, we currently service 103 participating banks in total, of which 43 are local and 60 are overseas," said Mr Zhang Weiwu, General Manager of ICBC Singapore.

Here's more from ICBC:

“The extension of our clearing hours means that RMB clearing services now have the ability to continue even over local public holidays, as part of a sync-up with the ongoing operations of ICBC clearing banks in other regions.”

He continued, "We are confident that this will boost the competitive appeal of Singapore as the RMB hub of choice, and provide local and regional financial institutions with greater opportunity in intermediating trade and investment flows with China.”

As the leading RMB hub outside of Hong Kong, Singapore has cleared a total of RMB 27 trillion for participating banks over 1H 2015, through ICBC Singapore. The bank’s continued RMB product and service enhancements are part of its strategy to maintain Singapore’s leading position among global RMB hubs, and to enhance the country’s competitiveness as a regional gateway for RMB.

This comes amidst the increasing competition from other financial centres, including London and New York, as China steps up efforts to promote the RMB’s emergence as an investment currency, and opens its domestic capital markets further to encourage currency flows.