· The People’s Bank of China (PBoC) announced April 2 that it had signed an agreement with ICBC’s Singapore Branch to allow the lender to become an agency bank and clearing bank model that provides cross-border RMB trade settlements in the city state.
· China allowed direct trading between the renminbi and Australia dollar on Wednesday (April 10). This makes the AUD the third currency to have direct trading with the US dollar and Japanese yen
· Standard Chartered RMB Globalisation Index (RGI) reached a new high of 841 in February, up 4% from 809 in January.
· The Shanghai branches of two Taiwanese banks have been given permission to conduct wholesale renminbi business on the Mainland. Cathay United Bank and First Commercial Bank have recently will be allowed to take deposits and extend loans though they will be restricted to offering these services to business customers.
· HSBC and Bank of Communications have signed a memorandum of understating to cooperate on cross border RMB business. Under the MOU, HSBC and BoCom will fully collaborate on cross-border RMB business including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets business.