OREANDA-NEWS. October 14, 2014. ICBC has continued to step up its efforts to develop cross-border RMB services from the year to date, which has met the customers' cross-border payment and settlement needs and promoted the use of RMB abroad.

According to the statistics, ICBC's cross-border RMB business volume came close to RMB 1.7 trillion in the first half of 2014, representing a year-on-year increase of over seven folds. Since the launch of the cross-border RMB business pilot program in 2009, ICBC's cross-border RMB business volume has approached RMB 6.7 trillion, with its branches worldwide opening 512 cross-border RMB clearing accounts, and  cross-border RMB clearing network covering 75 countries and territories.

While maintaining rapid growth of business volume, ICBC has expanded the coverage of its cross-border RMB service and provided cross-border RMB service for Shanghai Free Trade Zone and other pilot areas in China. ICBC's cross-border RMB business has achieved a series of No.1s in Shanghai Free Trade Zone such as "the first registered basic corporate account, the first two-way cross-border RMB cash pool and the first market interest based loan", which has laid a solid foundation for further development of cross-border RMB business in Shanghai Free Trade Zone.

Meanwhile, ICBC has continued to play a driving role as a large RMB service provider with highlights in business expansion and service innovation, contributing to the diversification of the offshore RMB product system. ICBC New Zealand delivered the first direct RMB to NZD transaction in New Zealand in the first half of the year, marking the first step of direct RMB to NZD transaction. ICBC Asia successfully issued a three-year RMB 1 billion worth offshore RMB bond for International Finance Corporation as joint bookrunner and joint underwriter, representing the first RMB bond issued by a supranational financial institution and listed in London Stock Exchange. Moreover, ICBC Thailand was invited as a member of the RMB settlement team of Bank of Thailand. Phnom Penh Branch was approved by the National Bank of Cambodia to act as RMB clearing bank of Cambodia. ICBC Macau launched "HKD denominated and linked RMB investment product", which has further diversified the RMB investment product line.

ICBC's RMB clearing bank in Singapore has maintained a strong growth momentum in the first half of the year. As at the end of June, the clearing bank opened 77 clearing accounts that covered 34 countries and regions, involving 210,000 transactions and RMB 14.5 trillion; the number of daily transactions increased to 2,000 and the amount exceeded RMB 140 billion. In addition, the clearing bank continued to deepen its service and opened an RMB account for the Monetary Authority of Singapore and absorbed deposit of RMB 5 billion, which has effectively replenished liquidity of the local market and opened up a new channel for overseas central banks to support the development of offshore RMB markets; the clearing bank established the first cross-border transport channel of RMB cash to provide RMB cash service for the Singapore market, which has reduced the exchange cost of the participating banks and lowered the cash payment expense of the market; the clearing bank successfully marketed the first RMB bond issued by a non-financial institution in Singapore; the clearing bank encouraged other banks in Singapore to participate in pilot programs of Shanghai Free Trade Zone, Suzhou Industrial Park and Tianjin Ecological City and became the first bank to provide two-way RMB cash pool and direct cross-border RMB loan services, leading the market by outstanding direct cross-border RMB loans in Suzhou, which has significantly contributed to boosting the offshore RMB market in Singapore and deepening trade and financial cooperation between China and Singapore.