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Clearstream opens three new offshore RMB Cash Correspondent Bank accounts in Luxembourg, Singapore and Frankfurt
Clearstream, will open three new offshore Renminbi Cash Correspondent Bank (CCB) accounts with Chinese banks based in Luxembourg. The move is the latest by Deutsche Börse Group and Clearstream to provide investors in Asia and Europe with more options and greater flexibility in managing their offshore RMB liquidity. The new CCB account will be opened at Industrial and Commercial Bank of China Limited (ICBC) Luxembourg Branch in addition to two existing RMB CCB accounts with Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). This offers customers a choice of five RMB CCB accounts in four leading financial centres, Hong Kong, Luxembourg, Singapore and Frankfurt. Clearstream Bank Luxembourg and Deutsche Börse Group have offered strong support to the process of internationalisation of the Chinese currency and the development of offshore RMB liquidity, reacting nimbly to the evolving offshore RMB requirements of customers. “ICBC Luxembourg Branch has been designated as the RMB clearing bank in Luxembourg on September 16, 2014. This appointment marks a major step for ICBC to create a global RMB clearing network across different time zones. The MOU between Clearstream and ICBC Luxembourg Branch will make both banks work closely to enhance the RMB clearing infrastructure and facilitate offshore RMB liquidity,” said Mrs. Gao Ming, General Manager of ICBC Europe.