China’s ICBC offers RMB transfers
A new banking settlements system called CHANCES, dealing exclusively in the Chinese currency renminbi (RMB), aims to make trade between China and the ASEAN countries easier and less expensive. Owned and operated by the Industrial and Commercial Bank of China (ICBC), the CHANCES system stands for China ASEAN Clearing Electronic System and was introduced yesterday at Hotel InterContinental. It intends to make trade in RMB easier between China and all the ASEAN countries. At a press conference yesterday at Hotel InterContinental, ICBC joined Cambodia’s Union Commercial Bank in a Chinese language event to describe the system, which was developed in-house by ICBC. …
