Increasing access to offshore Renminbi liquidity
- New accounts opened at Bank of China Frankfurt, International and Commercial Bank of China (ICBC) Luxembourg and ICBC Singapore
- Move gives customers more options and flexibility to manage their offshore Renminbi (RMB) liquidity
- Clearstream now offers five offshore RMB accounts in four leading financial centres
Clearstream’s ambitious goal to facilitate maximum access to RMB takes another step forward with the opening of three new RMB accounts with Bank of China Frankfurt, ICBC Singapore and ICBC Luxembourg. We have offered RMB as a full settlement currency since 2010, via our Hong Kong cash correspondent banks (CCB), Bank of China Hong Kong and Standard Chartered Bank Hong Kong. By adding these new accounts we will help satisfy the increasing investor demand for this currency and add further options to manage RMB liquidity in both Asian and European time zones.
Our Spotlight “Helping satisfy demand for offshore Renminbi” gives you more information on the recent initiatives Clearstream has developed to support the success of internationalising the RMB as well as an overview of the extensive RMB services we offer to both issuers and investors.