PHNOM PENH - China's largest bank, Industrial and Commercial Bank of China (ICBC), said Tuesday that the National Bank of Cambodia (NBC) has approved the ICBC as a clearing bank for Chinese currency in the country, ICBC said in a press statement.
"Cambodia is the third country which has granted ICBC to perform financial transactions in Chinese yuan, following Singapore and Laos," the statement said. "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."
It said ICBC Phnom Penh Branch will provide effective, fast and comprehensive yuan clearing services to Cambodian customers.
ICBC Phnom Penh Branch was established in November 2011 and has since then contributed to helping develop trade and investment ties between China and Cambodia.
Chinese yuan, already a globally significant currency, is fast becoming the ASEAN's second largest currency, after the US dollar.
The Bank of China-Phnom Penh Branch was also approved by the NBC as a yuan clearing bank in Cambodia last November.
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