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.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
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Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more