October 29th, as the RMB against the Singapore dollar direct trading market maker of Chinese Commercial Bank in China's interbank foreign exchange market to carry out the first day of the RMB against the Singapore dollar direct trading, after the market opened the first to reach the yuan to Singapore dollar direct transactions.
On the same day, ICBC in the inter-bank foreign exchange market continued to quote the RMB against the Singapore dollar, to provide liquidity to the market, the cumulative number of transactions 60 pen, the transaction volume of 750000000 yuan (156000000 yuan). At the same time, the industry also through the introduction of multi channel international foreign exchange market data source, innovative ways to optimize the quotation efficiency, the industry's leading offer to provide quality and efficient market making services to the interbank foreign exchange market. October 29, industrial and Commercial Bank of China and reached RMB since the Singapore listed transactions directly upfront RMB against the Singapore dollar swaps and initial RMB on the Singapore dollar forward transactions and in the market continued to report RMB to Singapore dollars for each period of much swap transaction price.
ICBC relevant responsible person said, as the first foreign exchange market, the RMB against the Singapore dollar direct trading market maker, the industry will give full play to the advantages of global market business and rich experience in product and offer, and actively fulfill the obligations of the market maker, the bank's foreign exchange market to provide RMB against the Singapore dollar for the market to provide liquidity. At the same time, ICBC will further improve the ability to offer a rich product line, to promote the rapid development of the RMB against the Singapore dollar.
In recent years, with the deepening of new economic and trade exchanges and more frequent personnel exchanges, local company, business and individuals in trade, investment, personal settlement and financial management and other financial activities more and more to use and accept the rmb. The development of RMB direct transactions in Singapore, is conducive to the formation of the RMB against the Singapore dollar direct exchange rate, reduce transaction costs, promote bilateral trade and investment relations, will further promote the internationalization of the RMB process. October 28th, the completion of the first RMB against the Singapore dollar direct transactions, the people's Bank of China designated by the people's Bank of China Singapore Branch of ICBC Singapore Branch of China foreign exchange trading center floor trading membership, completed the first local people's currency on the Singapore dollar direct transactions. As Singapore's RMB clearing bank, ICBC Singapore branch is the only one able to directly participate in the China Foreign Exchange Trading Center transactions of local banks, other local banks can get through the clearing bank of China's domestic currency RMB direct exchange quotations.
It is understood, as of now, the inter-bank market can and direct trading of RMB currency including dollars, New Zealand yuan, British pound, Australian dollar, the yen, the rouble, ringgit, euro and Singapore 9 yuan currency, ICBC can in the inter-bank market with all of the above currency the renminbi transactions for quotation, the inter-bank bond market currency most of the commercial banks.
The Chinese industrial and Commercial Bank of China, the first day of the Chinese foreign exchange market to carry out the RMB against the Singapore dollar direct trading on the first day of the RMB against the Singapore dollar direct transactions, the foreign exchange trade between China and Singapore is significant, in order to play a positive role in promoting the new foreign trade.