OREANDA-NEWS. April 18, 2013. The PBC signed an RMB Clearing Agreement with the Singapore Branch of Industrial and Commercial Bank of China.

The financial institutions in Singapore and China can process their clients’ cross-border RMB settlements through the RMB clearing bank in addition to the correspondent banks channel. The PBC also signed a Memorandum of Understanding (MOU) on RMB Business Cooperation with the Monetary Authority of Singapore on the same day.

The signing of the two documents will facilitate enterprises and financial institutions in the two countries to use RMB in their cross-border transactions, and promote trade and investment liberalization and facilitation.