To meet customers’ diversified needs for investment and transaction, on the basis of six currencies and two-way trading functions in the early period, ICBC’s account-based foreign exchange has added four trading varieties of Singapore dollar (account), New Zealand dollar (account), Swedish krona (account), and Norwegian krone (account). ICBC can now provide account-based foreign exchange trading services in ten currencies, including euro, pound sterling, Canadian dollar, Swiss franc, Australian dollar, Japanese yen, Singapore dollar, New Zealand dollar, Swedish krona, and Norwegian krone, covering currencies of major developed economies.

According to an official with ICBC, account-based foreign exchange, as an invention of the Bank, enables retail customers to trade in shares of a variety of foreign exchanges with RMB by means of calculating shares without drawing the real exchanges. It is characterized by diverse trading products, a long time of transaction available, broad trading channels and no restriction by annual limit of individual foreign exchange settlement and sale, among others. Considering market volatility, profits, risks and other trading features, ICBC adds the four products of account-based foreign exchange to meet the demands of customers for diverse investment and trade in Asian and European currencies in all aspects. Customers can lock up the risk of RMB exchange rate in advance based on future needs of foreign exchanges, or make long-term investment or earn from price difference based on their judgment on the trend of foreign exchange market. Furthermore, current interests are given to the balance of trading accounts if account-based foreign exchanges are sold after buying, allowing customers to earn interests by holding the currencies.

The ICBC official said that the Bank would continue to strengthen innovation of account-based foreign exchanges, increasingly enhance customer experience, and further upgrade the market competitiveness of account-based foreign exchanges through consistent improvement of products and functions of the currencies.