It is reported that, after ICBC issued the first RMB Letter of Credit for a cross-border trade in the world on July 3, ICBC's cross-border trade RMB settlement business is also popular in a number of foreign trade enterprises domestically. Only in 2 days from July 6 to July 7, ICBC transacted cross-border trade RMB settlement business for clients involving over RMB 17 millions.

According to source, ICBC's Shenzhen Branch has transacted three RMB TT remittances of more than RMB 14 millions for clients like Shenzhen Kangguan Computer Technology Limited and Shenzhen Bada Logistics Co, Ltd on July, 6 and July, 7 respectively. While ICBC's Guangdong Branch has transacted three RMB remittances to Hong Kong involving over RMB 3 millions for clients such as Guoguang Electrics Co. Ltd in Guangzhou, Xinhai Energy (Zhuhai) Limited in Zhuhai, Aoyu Metals & Plastics Limited in Dongguan. According to statistics, the number of the transactions and the amount of the funds of the cross-border trade RMB settlement business ICBC's Guangdong Branch has completed both were leading the way in the industry in local.

When comes to why chose cross-border RMB settlement business, Zheng Yamin, Financial Director of Guoguang Electrics Co. Ltd said, with main business of production and sales of loudspeakers and loudspeaker systems, Guoguang had demands on import and export trade settlement relations with partners in Hong Kong. The reasons why they chose RMB settlement method included that, first RMB settlement can help enterprises avoid exchange rate risk in current financial crisis; secondly it can eliminate the trouble of currency exchange so as to lower relevant financial cost.

According to an ICBC official, ICBC's cross-border trade RMB settlement covers all current import and export trade settlement methods like remittance, collection and Letter of Credit. It also can offer various trade financing and cross-border RMB financing plans for clients. Once approved by relevant authorities of the state, foreign trade enterprises can easily apply for cross-border trade RMB settlement business in ICBC. They can apply for the business and then make relevant business if only they have opened settlement accounts in ICBC's branches in pilot areas like Guangdong, Shenzhen and Shanghai. In addition, ICBC has begun to offer consulting and training services related to management policies and business process of cross-border trade RMB settlement as well as others for clients including, but not limited to foreign trade enterprises and overseas banks.

This official said it is significant to carry out cross-border trade RMB settlement business for boosting the development of economy and trade between China and neighboring countries and regions, improving trade conditions and maintaining steady growth of foreign trade. As one of initiators of cross-border trade RMB settlement business in commercial banks, taking advantages of strong strength of funds, advanced business processing systems, worldwide business network, professional service team as well as rich service experience both in RMB and foreign currencies, ICBC will offer safe, quality, efficient cross-border trade RMB settlement business and fully satisfy the demands of clients on settlement and financing.