- CNTV English - CCTV News

Homepage > News > Biz >

Banks race to speed up RMB operations in Singapore

03-15-2011 11:13 BJT

by Chen Jipeng

SINGAPORE, March 15 (Xinhua) -- The expansion of Renminbi operations in Singapore has been speeding up, as banks raced to offer yuan deposit products and access to bonds to meet the growing appetite for the Chinese currency.

ICBC, the world's largest commercial lender, officially inaugurated its first overseas RMB Processing Center here on Friday, the same day Singapore's second largest bank by assets OCBC launched two offshore RMB deposit products, following similar moves by local rivals DBS and UOB as well as the local branch of global banking giant HSBC.

"Singapore investors and our customers have shown very strong interest in Renminbi-denominated deposits and investments and we expect this to continue as the RMB gains prominence," a spokesperson for HSBC said.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program