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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.