ICBC kicked off renminbi cross-border settlement pilot scheme in 2009. Since then, ICBC leverages its global network to actively promote the use of RMB in cross-border transactions. Growth of RMB business has been very impressive with expanded use of RMB in trade, services, capital and financing. According to statistics, ICBC registered over RMB 1 trillion in cross-border RMB business volume by end-2011. In 2011, RMB settlement in cross-border transactions reached nearly RMB 700 billion, a jump of nearly five-fold over previous year. Meanwhile, ICBC has opened 276 RMB current accounts for other banks, ranking No.1 among the peers with a clearing network spanning 55 countries/regions.

Being a large bank engaged in RMB service, ICBC has a unique advantage to launch and promote cross-border RMB services, said industry insiders. ICBC is the world's largest bank in terms of total RMB assets and settlement volume. The Bank ensures abundant supply of RMB funds to customers and offers competitive market prices, backed by its financial strength in RMB capital. In IT technology and system support, ICBC is the first commercial bank in the country to centralize and process all transactions from domestic and overseas. The real-time clearing system and centralized clearing in home and foreign currencies covering remittance/transfer, settlement and clearing connect ICBC outlets across the globe under one roof and enable real-time remittance/transfer of funds, offering convenient, fast and highly efficient settlement services for all customers, as well as laying a solid foundation for ICBC to become a global RMB clearing bank.

ICBC views RMB business of strategic importance, said an executive with the Bank. Aggressive programs on service innovation have been initiated in line with the customer requirements. So far, ICBC has concluded the world's first fund-raising in RMB for an overseas project, the first cross-border RMB leasing project, underwritten the first RMB-denominated bonds in Hong Kong issued by a Taiwanese firm. ICBC is the first-mover in the yuan's internationalization drive. At present, ICBC has a comprehensive portfolio of cross-border RMB products oriented to customer demand covering many business segments: retail banking, fund clearing, trade finance, global cash management, professional financing, investment banking, bank card, internet banking and asset management. In terms of treasury service, ICBC continues expanding the range of services as more polices have been announced for investors to invest in RMB directly outside China and for foreign investors to invest directly. At the end of 2011, ICBC has handled direct overseas investment in RMB totaling RMB 2.75 billion, and underwritten nearly RMB 30 billion of offshore RMB bonds.

While promoting the use of RMB in cross-border transactions, ICBC leverages its global network to extend its RMB services to customers around the world. By end-2011, ICBC had a global network of 239 overseas branches spanning 33 countries/regions with full business license, highly efficient operation and excellent services. ICBC establishes its strategic footprint in Africa through holding shares in South Africa Standard Bank Group. ICBC's network of 1553 correspondent banks in 136 countries/regions is an important supplement to ICBC's overseas business network. On March 11, 2011, ICBC Singapore Branch opened the "RMB Business Center", the first RMB business center of ICBC outside China. As the only RMB Business center in Singapore currently, ICBC extends its RMB service in South East Asia through Singapore.

The ICBC executive said, leveraging its unique advantages in RMB funds, products, system, professional staff, the next move of ICBC is to expand domestic services outside China and improve the capability to deliver financial services to customers around the world. Efforts will be spent on the global RMB clearing network with an aim to establish a highly efficient cross-border RMB business platform with diversified service channels and a full range of products. ICBC aims to be global customers' "Preferred Banking Partner" in cross-border RMB services.