Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, said on Tuesday it has been approved by National Bank of Cambodia as a clearing bank in the country for the Chinese yuan (CNY).
ICBC confirmed in a statement that its Phnom Penh branch will provide comprehensive CNY clearing services, including renminbi (RMB) account management, interbank clearing, cross-border clearing and liquidity support.
Cambodia is the third country to approve China’s top lender as a CNY clearing bank, following Singapore and Laos.
The latest agreement is regarded as an incremental step to accelerate the CNY internationalisation process and to expand China’s offshore yuan business beyond Hong Kong, where more than 80% percent of CNY trade settlement transactions are handled.
ICBC said it has handled nearly five trillion CNY (US$807.9bn) worth of cross-border yuan transactions since 2009 and last year alone these exceeded CNY2.1 trillion.
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