RMB clearing bank

    THE People’s Bank of China has authorized the Zurich branch of the China Construction Bank to be the Renminbi clearing bank in Switzerland, the Swiss National Bank said yesterday.

    The authorization implements a memorandum of understanding the countries’ central banks signed in January on Renminbi clearing arrangements, it added in a statement.

    Tanker vessel deal

    DANISH shipping company Torm has signed an order for four fuel-efficient LR2 (long-range) product tanker vessels from Guangzhou Shipyard International for US$200 million.

    The shipyard is expected to deliver the vessels between the fourth quarter of 2017 and the second quarter of 2018. The agreement includes the option to buy up to six more vessels within the LR2, LR1 or MR (medium-range) segment with delivery in 2018 and 2019.