September 26, China Foreign Exchange Trade System &National Interbank Funding Center officially released direct listed RMB trading against AED/SAR. ICBC is qualified as one of the first market makers for direct RMB trading against AED/SAR and concluded the first spot RMB transaction against AED/SAR upon the market opening.

As economic, trade and culture exchanges are constantly deepening between China and United Arab Emirates/Saudi Arabia, more local financial institutions, enterprises and individuals have begun to use and accept RMB in financial activities such as trade, investment, settlement and wealth management. Direct RMB trading against AED/SAR will not only effectively reduce trade exchange cost and simplify operation procedure, but also drive bilateral trade and investment and boost RMB internationalization.

An official with ICBC said that ICBC has obtained market maker qualifications for all direct trading currencies in the interbank foreign exchange market with the ability to provide quotations of 13 direct trading currencies (including euro, yen, pound, AUD, NZD, SGD, SF, rouble, ringgit, ZAR, KRW, AED and SAR). The Bank has continued to lead the interbank market thanks to the most complete market making currencies and the largest transaction volume.