ICBC Singapore branch RMB clearance hits $429b

Renminbi clearance at the Singapore branch of the Industrial and Commercial Bank of China Ltd, the world's biggest bank in terms of assets, reached 2.6 trillion yuan ($429.7 billion).

Total cross-border renminbi settlement in the branch amounted to more than 150 billion yuan, the bank said on Friday.

Single-day settlements rose to 900, totaling 80 billion yuan in the branch in 2013, said the bank.

Sixty-seven commercial banks opened renminbi inter-bank accounts in ICBC's Singaporean branch, conducting more than 140 billion yuan in financing and transactions through these accounts.

Central banks in some neighboring countries have opened renminbi accounts to exchange dollars into the Chinese currency.

The renminbi's profile as a reserve currency has seen rising, said ICBC. The branch has designed various portfolios for renminbi direct investment, cross-border loans, offshore syndicated loans for bulk commodities, and a two-way cross-border cash pool in the Shanghai free trade zone.