Singapore ranks No.2 in yuan clearing

Singapore has surpassed London to rank second globally as a clearing center for the Chinese currency, after the world's biggest bank Industrial and Commercial Bank of China (ICBC) was set up to clear payments in the city-state last year, global transaction services organization SWIFT said on Monday.

Hong Kong is the busiest clearing centre for the yuan, also known as the renminbi.

London overtook Singapore in June 2012, but since February 2014 has slipped behind the city-state. That has been in spite of growing 203 percent in March from the previous year, SWIFT data showed.

China named ICBC as the clearing bank for offshore yuan business in Singapore in February 2013.