RMB Clearing Bank definition
RMB Clearing Bank means the bank authorised by the People’s Bank of China to be the clearing bank for RMB banking business in Hong Kong.
Examples of RMB Clearing Bank in a sentence
The relevant RMB Clearing Bank is not obliged to square for participating banks any open positions resulting from other foreign exchange transactions or conversion services and the participating banks will need to source CNY from outside the PRC to square such open positions.
Each of Industrial and Commercial Bank of China, Singapore Branch, Bank of China (Hong Kong) Limited and Bank of China, Taipei Branch (each an RMB Clearing Bank) has entered into settlement agreements with the PBOC to act as the RMB clearing bank in Singapore, Hong Kong and Taiwan respectively.