CBC becomes DGCX’s settlement bank
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.