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Tuesday, 15 November 2016

China's ICBC becomes Dubai commodities exchange settlement bank | Reuters

China's ICBC becomes Dubai commodities exchange settlement bank | Reuters:

"Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, has become a settlement bank for the Dubai Gold & Commodities Exchange (DGCX), the exchange said on Tuesday, allowing more investors to clear transactions in yuan.

ICBC becomes the second Chinese bank to join DGCX's wholly-owned subsidiary, Dubai Commodities Clearing Corporation, as a clearing and settlement bank. Bank of China became a member in March.

The four other settlement banks are Dubai-based Emirates NBD, Standard Chartered, HSBC and India's Bank of Baroda."



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