The Singapore branch of the Industrial and Commercial Bank of China, or ICBC, says it has made cross-border RMB loans to two state-owned companies in the Shanghai Free Trade Zone.
Thursday’s report came shortly after China’s central bank cleared the way for cross-border RMB transactions. 100 million yuan or about 16 million US dollars was lent to a subsidiary of the Shanghai Baosteel Group. 70 million yuan went to a Sinopharm Group distribution center.
The funds were transferred immediately through ICBC Singapore clearing platform. China’s central bank gave the green light to cross-border RMB transactions on Thursday, but restricted their use to the Shanghai free-trade-zone.
Source: CCTV
