NOTE: I don't come from a finance background i.e. I'm an idiot in this topic.
Recently China announced that the Bank of China and ICBC will become designated RMB "clearing banks" in my home country, Singapore.
Based on responses from the ground, it appears that there are some "money-making" opportunities for local businesses/companies etc. and that we should start opening RMB accounts with these banks to "reap the benefits".
But being illiterate in this, could someone explain what are the benefits, how it is derived (the theory and logic behind it) and how to react to this event in order to take advantage of it?