OREANDA-NEWS. May 08, 2014. Agricultural Bank of China Limited (ABC) recently launched cross-border RMB business promotions in Costa do Sauipe of Brazil and New York of the USA.

The campaign saw more than 70 participants from over 40 financial institutions of Brazil, Argentina, Peru, Panama, Mexico, Costa Rica, Spain, Hong Kong and the USA. A number of international and local large financial institutions including WELLS FARGO, CITIBANK, BNY Mellon, Standard Chartered Bank, Deutsche Bank AG, HSBC, Natixis, Interbank (Peru) and Cordoba Bank (Argentina) witnessed the promotions.

As one of the RMB “going global” series promotion of ABC in 2014, the campaign highlighted overview of RMB internationalization, the cross-border RMB product system and service features of ABC and business prospects of New York Branch. Efforts were also made to probe into future approaches towards inter-bank cooperation in cross-border RMB business and other fields. Participants commented that China’s economic growth and improving policies on cross-border RMB utilization were favorable elements for the international status of RMB. They also expressed their willingness to keep close communication with ABC and explored ways of cooperation in cross-border RMB business. The campaign effectively showcased the strength of ABC in cross-border RMB business, and laid solid foundation for its expanding business in American markets, enhancing market influence and deepening cooperation with international peers.

ABC has actively followed the national strategy to “expand the use of RMB in cross-border trade” and spared no efforts to make innovations and promotions in this regard. As at the end of March, approximately 180 banking peers had opened cross-border RMB settlement accounts with ABC. In 2013, ABC handled over RMB1.1 trillion in cross-border RMB settlement, a year-on-year increase of 96%. New York Branch, as the only operating institution of ABC in the Americas, gives full play to its role as an interaction platform between domestic and overseas branches. It also makes great efforts to develop cross-border RMB business via its main product—Cross-border Canrongtong. As at the end of March, Cross-border Canrongtong of New York Branch had recorded a total business volume of RMB9.32 billion with a balance of RMB6.1 billion.