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  Home Page > Corporate Banking >Settlement Service >Cross-Border RMB Settlement
Cross-Border RMB Settlement
 

I. Description
Cross-border RMB settlement refers to all cross-border transactions settled in RMB, including current account cross-border RMB settlements such as trade in goods, trade in services, proceeds and current transfers, and capital account cross-border RMB settlement such as direct investment, cross-border financing, as well as all other RMB settlement businesses approved by the People’s Bank of China.

II. Target Customers
All global customers with need for RMB settlement in their foreign trade and other economic exchanges, as permitted by the government, apply for this business with Industrial and Commercial Bank of China (ICBC).

III. Qualification
The business is provided to actively broaden the cross-border RMB business channels by the overseas and domestic branch network and the virtual platform of the ICBC Group, and to focus on establishing the "ICBC Cross-border Express" system with the purpose of providing global customers with various cross-border offshore and onshore RMB financial services. The business consists of settlement financing products, wealth management and value-added products, cross-border RMB guarantee products, products under capital accounts, exchange rate hedging products, policy consultation and tailor-made service solutions, and business training.

IV. Features and Advantages
i. Adding currency options to avoid exchange rate risk
ii. Lower exchange cost by avoiding need for foreign exchange settlement or sale
iii. Reduced foreign exchange derivatives and double exchange trade cost
iv. Faster settlement and higher fund usage efficiency
v. Beneficial for financial cost accounting
vi. Benefits from preferential policies such as export tax rebate and free foreign exchange write-off

V. ICBC's Strengths
i. The largest RMB settlement bank: rich experience in offshore and onshore, RMB and foreign currency settlement, and high capital settlement efficiency.  As the first commercial bank with RMB settlement business crossing three time zones of Asia, Europe and America, at the end of 2015, ICBC formed an agency clearing network covering 76 countries and regions.
ii. The strongest global presence: At the end of 2015, ICBC expanded its service network to 42 countries and regions with 404 overseas institutions. ICBC's network continues to take a leading role along the "Belt and Road" with 123 institutions in the 18 countries around the planned area. All the overseas institutions with local regulatory permit have offered the cross-border RMB business, and many of them have become major players in the local offshore RMB market.
iii. Strong financial capability: fully meeting your settlement and financing demand.
iv. Advanced information technology: integrated platform for domestic and overseas business management to ensure strong business capability.
v. Outstanding service: offering you timely and professional consultation and training service

Disclaimer: The information contained herein is for reference only. Terms and conditions are subject to regulations issued by local ICBC branch.


 


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