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FOREIGN EXCHANGE | Cesar Tordesillas, China
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ICBC Registers Over RMB 400 Billion in Turnover from Cross-Border Renminbi Business in H1 2011

ICBC saw a strong growth trajectory in its RMB business, with a turnover in the first half of 2011 trebled last year's to RMB 406 billion, RMB 280.4 billion in cross-border RMB settlement, RMB 120.6 billion in trade finance.

 

ICBC now tops the league table by opening 231 cross-border RMB interbank accounts for overseas subsidiaries and correspondent banks in 53 countries/regions.

ICBC has been actively looking for a new model to deliver RMB financial services outside China since the pilot of cross-border RMB settlement, said an executive with ICBC. Today, the Bank's cross-border RMB business covers trade, services, capital and financing, an initial customer-oriented product offering called "ICBC Cross-Border Link" encompassing many product lines, namely retail banking, clearing, trade finance, global cash management, investment banking, asset management. Diversified product portfolios are offered to meet the individual needs of customers in cross-border RMB financial services.

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