26 March 2014
China's largest bank, Industrial and Commercial
Bank of China (ICBC), said that the National Bank of Cambodia (NBC) has
approved the ICBC as a clearing bank for Chinese currency in the country. Cambodia
is the third country which has granted ICBC to perform financial transactions
in Chinese yuan, following Singapore and Laos. The approval truly shows that
the NBC has paid attention to promote cross-border yuan currency clearing
services and acknowledged the potential of Chinese yuan on the market. Chinese
yuan, already a globally significant currency, is fast becoming the ASEAN's
second largest currency, after the US dollar.
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