ICBC's SIP debut marks new chapter for RMB
The Singapore branch of Industrial and Commercial Bank of China (ICBC) has brought the first cross-border renminbi loan for a firm in the Suzhou Industrial Park (SIP), a China-Singapore joint venture area in Suzhou. The deal comes just after the People's Bank of China (PBoC) opened the door to such deals to promote RMB internationalisation.
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