The Industrial and Commercial Bank of China (ICBC) began offering a new service allowing foreign exchange remitted overseas to be drawn in the form of Renminbi ( RMB) yuan in China, a spokesman for the bank announced Monday.

The bank's Singaporean branch has already opened the business and seen a sharp increase in remittance, according to the spokesman.

According to the branch's practice, if the remitter requests to have the remittee get money in the form of yuan, the branch will convert his foreign exchange into yuan based on the current exchange rates and then transfer to local branches in China.

In the past, foreign exchange remitted from foreign lands could be drawn in the form of foreign exchange only.

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