ICBC will provide CNY clearing services, including CNY account management, interbank clearing, cross-border clearing and liquidity support, through its Phnom Penh branch. It is a strategic step for the CNY internationalization process and for the expansion of China’s offshore CNY business beyond Hong Kong, where more than 80% of CNY trade settlement transactions are handled.
Cambodia is the third country which has recognized ICBC as a CNY clearing bank, following Singapore and Laos.
ICBC reports to have handled nearly USD 807.91 billion worth of cross-border CNY transactions since 2009, and in 2013 the transactions exceeded 2.1 trillion CNY.
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