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Clearstream, the international central securities depository of Deutsche Börse Group, is making further progress in its Asia strategy: the company will open three new offshore Renminbi Cash Correspondent Bank (CCB) accounts with Chinese banks based in Frankfurt, Luxembourg and Singapore. The move is the latest by Deutsche Börse Group and Clearstream to provide investors in Asia and Europe with more options and greater flexibility in managing their offshore RMB liquidity.
The new CCB accounts will be opened at Bank of China Frankfurt, Industrial and Commercial Bank of China Limited (ICBC) Luxembourg Branch and ICBC Singapore Branch and are in addition to two existing RMB CCB accounts with Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong).
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