On November 4, 2014, the PBOC announced its official authorization to Doha Branch of ICBC to act as the local RMB clearing bank, which was the first time the Chinese central bank had ever designated an RMB clearing bank in the Middle East region, and signaled that ICBC obtained another overseas RMB clearing bank qualification granted by the PBOC following the authorization in Singapore and Luxembourg. With Doha Branch becoming the local RMB clearing bank, the Bank will further expand its global RMB clearing network spanning multiple time zones, and actively promote the cross-border use of RMB in the Middle East region.

According to an ICBC official, upon being designated as the RMB clearing bank in Doha, Doha Branch will strictly abide by relevant regulatory requirements under the guidance of the monetary authorities of both countries, duly perform its duties and obligations, proceed with various tasks as the local RMB clearing bank, actively exert its advantages in terms of business, network and service, and provide clients with safe, premium and convenient RMB clearing services by fully leveraging its extensive experience in serving as the RMB clearing bank in Singapore and Luxembourg.

In recent years, China and Qatar have continuously deepened cooperation in trade and finance. According to the data released by the Qatari Ministry of Development Planning and Statistics, China was the second biggest importer and fourth biggest export destination of Qatar in 2013. In the financial sector, financial institutions and enterprises from both countries have carried out extensive cooperation in many areas. In particular, Qatari institutional investors are engaging in a variety of investing and financing activities in China. On April 18, 2014, the Qatari central bank signed an agreement with the PBOC, under which it will enter China's interbank bond market and further expand its investment in China. On November 3, 2014, the central banks of the two countries entered into an RMB35 billion bilateral local currency swap agreement, pursuant to which the RQFII pilot program is extended to Qatar, with the initial investment quota set at RMB 30 billion. The approval of Doha Branch as the local RMB clearing bank will bring more convenient and premium financial services for Chinese and Qatari enterprises and financial institutions in RMB-denominated cross-border transactions, and further promote free and convenient trade and investment between the two countries.

As the first Chinese bank to set up a local institution in the Middle East, ICBC now has the largest number of institutions and business scale in the region among its Chinese peers. So far, it has established five institutions in Qatar, the UAE, Saudi Arabia, and Kuwait. In recent years, with wider and deeper cooperation between China and Qatar in economy, trade and energy, Doha Branch, by seizing the strategic opportunity for cross-border use of RMB, has actively developed the offshore RMB business, and formed a diversified RMB product and service system comprising RMB exchange, RMB documents/guarantees, RMB deposits, RMB trade finance, overseas loans, issue of large-denomination certificates of deposit in offshore markets, offshore market borrowings, as well as RMB foreign exchange settlement and sale. With business scope consistently expanding, the branch has effectively met the local customers' needs for RMB settlement, RMB exchange, investment and financing, and strongly boosted the cross-border use of RMB.