OREANDA-NEWS.  September 24, 2012. Since China started Renminbi Cross-Border Settlement Pilot Scheme in 2009, more importers and exporters of Chinese goods choose to use RMB in trade settlement. Increased use of the RMB in cross-border trade settlement fuels the growth of offshore RMB market. The scheme covers more areas and countries as it wins widespread appeal internationally. During the period, ICBC leverages its domain expertise to push ahead the business, with total volume of cross-border RMB trade settlement jumped 94.6% year-on-year to RMB 790.1 billion in the first half of 2012. For the period ending June, 2012, ICBC has opened about 300 cross-border RMB accounts for other banks. ICBC's clearing network covers 59 countries/territories, the largest among the banks in China, reported the press-centre of ICBC.  

ICBC, being a large bank specialized in RMB business, has the unique advantages in moving forward the service across the border. ICBC sits on the top of the global ranking in terms of total RMB assets and settlement volume. Supported by strong RMB capital position, ICBC ensures greater access to customers for RMB funds and offers competitive rates. In IT support, ICBC is the first commercial bank in the country to centralize process all transactions from domestic and overseas. The real-time clearing system and centralized clearing in home and foreign currencies covering transfer, settlement, clearing connect ICBC outlets across the globe under one roof enable real-time transfer of funds, offering fast and highly efficient settlement services for all customers, as well as a solid foundation for ICBC to become a globe RMB clearing bank.

During the first half of 2012, ICBC added a range of low-risk financing/wealth management products to its cross-border RMB product line to meet the market demand. That included "Loan-Finance Link", dual currency L/C, "Forward FX Link". So far, ICBC has a portfolio of cross-border RMB products that cater to customer needs, encompassing retail banking, fund clearing, trade finance, global cash management, special finance, investment banking, bank card, internet banking and asset management. Different product portfolios can be offered to different customers.

ICBC sets up its own global service network while following the customers to "go global". The RMB service network of ICBC has been expanding worldwide backed by 252 overseas branches in 34 countries/territories, and 1,591 overseas agency banks located in 137 countries/territories. The strong momentum of cross-border RMB business is demonstrated by ICBC's branch in Amsterdam which handles nearly half of all RMB settlements in the Netherlands, and ICBC branches in Japan, Singapore, Malaysia and the Middle East, where their RMB assets already reach half of their total assets. In June this year, Bank of the Lao PDR ("Central Bank") announced that ICBC Vientiane Branch was the sole yuan-clearing bank in the country, acting on behalf of the Central Bank and a confirmation of Laotian regulatory authority to ICBC's strength in RMB business.

In the next step, ICBC will continue to extend its domestic advantages in RMB capital, products, system and professional staff to overseas to serve customers around the world through a global RMB clearing network. The objective is to build a highly efficient platform for the delivery of RMB services through different channels with a wide range of products, in a bid to be the preferred partner bank of cross-border RMB services.