ICBC picked as RMB clearing bank for Thailand; hopes for 24hr clearing in 2015

The People's Bank of China (PBoC) announced on January 6 that it had approved Industrial and Commercial Bank of China (Thailand) to be the official renminbi clearing bank in Bangkok. The selection is the second in 2015, coming just one day after Bank of China (Malaysia) was awarded the same role in Kuala Lumpur, and adds a new hub to the global RMB map.