Follow Singapore Immigration and Singapore Economy: Singapore celebrates becoming the world's fourth-largest foreign exchange center. The People's Bank of China (PBC) has confirmed that the Singapore branch of the Industrial and Commercial Bank of China (ICBC) has been appointed as the RMB clearing bank in Singapore.
Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), stated: "The appointment of an RMB clearing bank in Singapore marks an important milestone in the growing financial cooperation between the PBC and MAS, and will enable Singapore's financial center to play a beneficial role in facilitating the increased use of RMB for trade, investment, and other financial activities in the region."
China and Singapore have strengthened their economic and trade cooperation. Following the signing of the China-Singapore Free Trade Agreement (CSFTA) in July 2012 to promote banking service commitments, the Singapore branch of the Industrial and Commercial Bank of China was granted the privilege of a Qualifying Full Bank (QFB) by the People's Bank of China, effective October 5, 2012. In addition, the ICBC Singapore branch has been authorized to serve as the designated RMB clearing bank.
Singapore is the only place outside of mainland China, Hong Kong, Taiwan, and Macau that can clear the Chinese currency.
Singapore has an affinity for the number four; it recently established its fourth financial exchange, ClearTrade. The other three financial exchanges are: the Singapore Commodity Exchange (SICOM), the Singapore Exchange (SGX), and the Singapore Mercantile Exchange (SMX).
