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China Names ICBC Singapore Clearing Bank to Boost Yuan Role

The Industrial & Commercial Bank of China Ltd. won the right to clear yuan transactions in Singapore as the world’s second-biggest economy seeks to boost use of its currency in global trade and finance.

The People’s Bank of China approved the Singapore branch of ICBC, as the world’s largest lender by market value is known, as the clearing bank in the city state, according to a statement on the monetary authority’s website. Singapore will become the third offshore yuan center after Hong Kong and Taiwan.