This month China's central bank, the People's Bank of China (PBoC), appointed two additional banks – the Industrial and Commercial Bank of China in Singapore (ICBC Singapore) and Bank of China in Taiwan (BoC Taiwan) for RMB clearing. So there are now four RMB clearing banks outside of China – in Hong Kong, Macau, Taiwan and Singapore.

All other financial centres, including London and New York, go through BoC in Hong Kong for the clearing of RMB trades, which accounts for more than 80% of all RMB payments and receives over 50% of all letters of credit (LCs) originating with Chinese banks.