UOB China and UOB Indonesia, wholly-owned subsidiaries of United Overseas Bank (UOB), are now Appointed Cross-Currency Dealers (ACCDs) for Chinese Yuan and Indonesia Rupiah (CNY/IDR).
This makes UOB the first Singapore bank to hold the CNY/IDR ACCD status in both markets. UOB China is also the only Singapore-headquartered bank approved by the People’s Bank of China (PBC) to be a CNY/IDR direct market maker.
ACCDs aim to promote the settlement of international good and services trade and direct investments in the local currencies of China and Indonesia. They form part of the local currency settlement (LCS) framework between PBC and the Bank Indonesia (BI) to facilitate greater bilateral trade and investment flows between the two countries.