The Industrial and Commercial Bank of China (ICBC) Singapore has completed its first clearing of RMB 35m (35 million yuan) via the Cross-border Interbank Payment System (CIPS), marking the first in Asia to be cleared through the newly-launched system, and part of a major move to internationalise its currency.
The Industrial and Commercial Bank of China (ICBC) Singapore has completed its first clearing of RMB 35m ($5.5m) via the Cross-border Interbank Payment System (CIPS), marking the first in Asia to be cleared through the newly-launched system, and part of a major move to internationalise its currency.