China names ICBC as yuan clearing bank in Singapore

BEIJING Fri Feb 8, 2013 1:11am EST

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BEIJING Feb 8 (Reuters) - China's central bank has named Industrial and Commercial Bank of China (ICBC) as the clearing bank for offshore yuan business in Singapore.

"Based on the arrangement between the People's Bank of China and the Monetary Authority of Singapore to strengthen cooperation in financial services, the PBOC has decided to authorise ICBC's Singapore Branch as the clearing bank of renminbi business in Singapore," the central bank said in a statement on Friday on its website, www.pbc.gov.cn. (Reporting by Kevin Yao; Editing by Nick Edwards)

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