ICBC manages CNY 1.7 trillion in cross-border settlements in Q1 2014

Wednesday 27 August 2014 14:00 CET | News

Industrial and Commercial Bank of China (ICBC) has announced that total cross-border transactions processed by the bank in Q1 2014 reached CNY 1.7 trillion, up by over 70% year-over-year, reports.

ICBC has also disclosed that processed cross-border settlements have reached nearly CNY 6.7 trillion since 2009, when China started trials of cross-border trade settlement using the local currency in Hong Kong, Macao, ASEAN countries as well as a few other select locations.

Domestic and foreign institutions have opened 512 accounts at ICBC on CNY cross-border clearing and the bank is now providing cross-border clearing in 75 countries and regions.

In Q1 2014, ICBC handled the first direct NZD-CNY transaction in New Zealand, which was an exchange purchase business under goods trade, the bank has informed.

As one of the 3 lead arrangers, ICBC also helped the International Finance Corporation, a member of the World Bank Group, issue CNY-denominated bonds worth CNY 1 billion in March 2014 in UK.

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Keywords: China, ICBC, CNY, cross-border, settlements, clearing centres, yuan, online sales
Categories: Payments & Commerce
Countries: World
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