ICBC boosts yuan clearing business

ICBC Singapore has recruited 32 employees since the beginning of the year for its treasury and clearing business. [Photo / China Daily]

Industrial and Commercial Bank of China Ltd, China's largest commercial lender, is boosting its yuan clearing business, in a bid to extend its global footprint.

The bank's Singapore branch - the first yuan clearing bank outside China - has seen continuous growth in clearing volume and value since it formally kicked off that business in late May.