Reported by: banking|Updated: November 18, 2016
China’s Industrial and Commercial Bank of China (ICBC) has become a settlement bank for the Dubai Gold & Commodities Exchange (DGCX). It became 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 earlier. The four other settlement banks are Dubai-based Emirates NBD, Standard Chartered, HSBC and India’s Bank of Baroda. The association will facilitate adequate yuan liquidity for trading and investment between the local and Chinese economies. This will also lead the way for future product developments, said Zhou Xiaodong, general manager of ICBC’s Abu Dhabi branch.