OREANDA-NEWS. August 09, 2013. ICBC announces significant achievements in cross-border RMB business since January 2013. The Bank continues strong momentum in cross-border RMB business to support the overseas trade and investment of China's companies.

Turnover of cross-border RMB transactions reached over RMB 1 trillion just within the first six months of this year, nearly a 40% increase when compared with the same period last year. Meanwhile, ICBC has expanded its RMB services worldwide with a clearing network spanning about 70 countries/territories. At present, cross-border RMB services are available at all ICBC overseas branches under the approval of local regulatory authorities.

ICBC provides cross-border RMB services to customers around the world while posting a strong growth in turnover. Related services provided by ICBC branches in and outside China also witness balanced and steady growth. ICBC overseas branches generated about 50% of ICBC's cross-border RMB transactions during the first half of 2013. In some ICBC overseas branches, RMB business contributed one-third or even 50% to their asset business, deposit-taking or business revenue, a key element of their core competence.

As of today, ICBC has a global service network for delivery of financial services supported by about 400 branches in 39 countries/territories. Meanwhile, being the single largest shareholder of South Africa's Standard Bank, ICBC has better access to financial markets in 18 African countries. On February 8, the People's Bank of China appointed ICBC Singapore Branch as the RMB clearing bank in Singapore. This is the first time that the central bank has designated a Chinese RMB clearing bank in a foreign country, a significant milestone for RMB internationalization. Data show that, RMB clearing volume at the ICBC Singapore RMB clearing bank was over RMB 60 billion during the first month of operation. ICBC sets up RMB business centers outside China, taking full advantages of its strong RMB capital, products, systems, experienced staff, IT and network. During the first six months of 2013, ICBC held seminars and marketing events in Luxembourg, Frankfurt, Paris, Milan to promote RMB services and support the building of RMB offshore business centers.

ICBC, being a large bank specialized in RMB business, has the unique advantages in moving forward RMB services across the border, said industry insiders. First, 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 the processing of all transactions from domestic and overseas. The real-time clearing system covering transfer, settlement, clearing and the centralized clearing in home and foreign currencies connects ICBC outlets across the globe to enable real-time transfer of funds, offering fast and highly efficient settlement services for all customers, as well as establishing a solid foundation for ICBC to become a global RMB clearing bank.