China's central bank has selected JPMorgan Chase & Co (NYSE: JPM) as a yuan
clearing bank in the United States to enhance global use of the yuan, an online report said citing a statement from the central bank.
BANKING AND CREDIT NEWS-May 30, 2017-Citi gets Derivatives
Clearing Bank of the Year Award
M2 EQUITYBITES-May 30, 2017-Citi gets Derivatives
Clearing Bank of the Year Award
On September 23, 2016, the Peoples Bank of China officially announced the authorization of ICBC (Moscow) as the RMB
clearing bank in Russia, marking another millstone in RMB internationalization and a new stage of Sino-Russian financial cooperation.
After reviewing the options, we advised the best approach would be to combine investment from a
clearing bank and a debt fund.
First, as long as a dealer had securities at the
clearing bank to serve as collateral, the
clearing bank was willing to extend intraday credit to that dealer to settle tri-party repo trades.
The Argentine unit of the ICBC, China's largest lender by assets, will be the country's yuan
clearing bank, the People's Bank of China (PBOC) said in a statement.
Australia's top finance and government officials joined the Bank of China president in Sydney officially announce the Bank of China's Sydney branch's appointment as the
clearing bank for the local renminbi (RMB) market in Australia.
Industrial and Commercial Bank of China's (ICBC) Doha branch is the
clearing bank for the centre, which intends to serve companies from around the Middle East.
Industrial and Commercial Bank of China's Doha branch was appointed as the
clearing bank for Yuan deals in an agreement signed in November.
The central bank said on Sunday that it would appoint the Canadian branch of the Industrial and Commercial Bank of China Ltd (ICBC) , China's largest commercial bank, as the hub's
clearing bank.
Five offshore jurisdictions now have a
clearing bank with direct links to the PBC and onshore Chinese interbank markets: Hong Kong (since 2003), Macau (2004), Taiwan (2012), Singapore (2013), London (2014) and Frankfurt (2014).
