Starting from October 22, ten ICBC branches (Beijing, Shanghai, Fujian, Shandong, Hunan, Heilongjiang, Guangdong, Zhejiang, Jiangsu, Shenzhen) begin to offer the foreign exchange settlement services in Russian ruble and Malaysian ringgit at the counters. The new service aims to better serve the customers with financial services for their trade settlements and overseas investments. As related, this is also the first time that a commercial bank offers in China the foreign exchange settlement and sale service in Malaysian ringgit at the counter, while the service of exchanging and selling Russian ruble at the counter previously is only limited to some banks in Heilongjiang area.

China's bilateral trades with Russia and Malaysia continue to grow rapidly in recent years. People now travel or visit frequently between these countries. Their demand for currency exchange service is mounting daily. Before any commercial bank in China opens counter service for the exchange and sale of ruble or ringgit, customers who have the need of these two currencies must use and settle in USD, meaning extra cost and expense in money conversion. The new foreign exchange settlement service by ICBC in 10 domestic branches not only offers great convenience to the customers. It is also significant in including more currencies in the Foreign exchange settlement service provided by Chinese commercial banks and bringing progress to the cross-border renminbi business.   

As related, ICBC's foreign exchange settlement and sale services in Ruble and Ringgit have been warmly received by the customers once launched. On October 22, the first day of the service opening to the public, ICBC handled 8 transactions in the conversion of Rubles and Ringgit. Two companies opened deposit accounts for rubles and ringgit as well. ICBC plans to launch the services in all branches nationwide when the services are running smoothly in the pilot branches. In an effort to better align with the demands of trade settlements between China and Russia, between China and Malaysia, more services in this area will be followed and eventually a full range of services for international settlement, trade finance and foreign exchange forward settlement and sale, in rubles or ringgit.

ICBC started the foreign exchange settlement and sale service in 1994 and was one of the earliest commercial banks in China to open such service. Since then, ICBC spent efforts on the product offering, service efficiency, transaction accuracy and clearing speed. Growth of the business was healthy and impressive. At present, ICBC accepts and exchanges 18 currencies. ICBC is on the top of the domestic league table by a total volume of USD 201.65 billion in FX settlement for the first nine months this year, accounting for a yr-on-yr increase of USD 50.3 billion.

ICBC products and services in FX settlement and sale have been respected by the market and industry. For many years in succession ICBC has been named as "Most Influential Market Maker of the Year", "Best Market Maker in Derivative Products of the Year" and the largest market maker in interbank FX market in terms of RMB/FX transaction volume.