CBC be­comes DGCX’s set­tle­ment bank

Kuwait Times - - BUSINESS -

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 yes­ter­day, 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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