ICBC, National Bank of Cambodia team up for CNY clearing services

Tuesday 25 March 2014 10:39 CET | News

Financial institutions Industrial and Commercial Bank of China (ICBC) and National Bank of Cambodia have entered an agreement to appoint the latter as a clearing bank for CNY currency in the country.

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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Keywords: ICBC, National Bank of Cambodia, CNY, clearing, payments general
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce