Chinas ICBC to open CNY centre in US

Monday 24 November 2014 13:51 CET | News

China’s Industrial and Commercial Bank (ICBC) has inked a pact with the Los Angeles city government to promote cross-border CNY trade.

The agreement is to also set up an offshore RMB centre in California. The move to create an offshore RMB centre in US would lay the foundations for CNY trade with China.

The agreement comes at a time when many other countries are ahead of the US in establishing cross-border trade in CNY.

About 15% of China’s trade was settled in CNY in the first 9 months of 2014, up from less than 1% in 2009. According to data from ICBC, in the first 9 months of 2014, cross-border payments between the US and China reached more than CNY 160 billion.

During that time, ICBC’s cross-border business was worth nearly CNY 28 trillion, up more than 80% from the corresponding period in 2013.

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Keywords: China, ICBC, CNY, US, RMB, cross-border payments, online payments, Industrial and Commercial Bank
Categories: Payments & Commerce
Countries: World
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