ICBC Singapore Branch has successfully concluded the first repurchase of offshore RMB bond with United Overseas Bank. The pledged asset is a two-year offshore RMB financial bond issued by Agricultural Development Bank of China. This is the first pledge-style repurchase of offshore RMB bond in the Singaporean market and also the first offshore RMB bond repurchase completed by an overseas RMB clearing bank, which provides a new form of financing for the participants in the local offshore RMB market.

According to an official of ICBC Singapore Branch, Singapore has become the world's second largest offshore RMB trading center (secondary to Hong Kong). The repurchase of offshore RMB bond has provided RMB investment and financing facility for local banks in Singapore as it has not only diversified Singapore's RMB products but also expanded financing channels, increased liquidity in Singapore's RMB market and advanced the progress of RMB internationalization.

ICBC Singapore Branch's RMB clearing operations have achieved leap-frog development since it was authorized by the PBC to serve as RMB clearing bank in Singapore in 2013. As at the end of September 2015, RMB clearing volume reached nearly RMB50 trillion, an increase of nearly 98% compared with the same period of 2014. The Branch has always dedicated to the innovation and promotion of offshore RMB operations and has concluded the first RMB treasury transaction between Singapore and China (Shanghai) Pilot Free Trade Zone and the first RMB foreign exchange futures transactions of Singapore Exchange. In October this year, the Branch was successfully connected to Cross-border Inter-bank Payment System (CIPS) with several overseas institutions inside ICBC Group and handled cross-border RMB payment according to the uniform cross-border RMB payment standard worldwide, which further strengthened its ability to manage the liquidity of cross-border RMB funds.