The Forum "New Silk Road for RMB Internationalization: New Opportunities for Lion City Bonds", hosted by Industrial and Commercial Bank of China with the support from the Monetary Authority of Singapore and the Singapore Exchange, was held on March 2 in Beijing. Experts from China and Singapore, focusing on the topics of RMB internationalization and the building of "One Belt and One Road", discussed and exchanged ideas on the development of the overseas market for RMB businesses, new opportunities from a new silk road arising from RMB Lion City bonds for financing of Chinese enterprises, relevant policy regulations and preferential measures.

ICBC President Yi Huiman said at the Forum that Singapore has been an important transfer station and hub along the "Maritime Silk Road" since the ancient times. It is now a major commodity trade center, financial center and offshore RMB center, with strong radiation effect over the whole Southeast Asia. Besides, the significance of Singapore as a platform for Chinese enterprises to go global is increasing. President Yi said that ICBC became the first financial institution with overseas RMB clearing banks in three time zones across Asia, Europe and America in 2014. ICBC has established a 24-hour non-stop operation system for offshore RMB clearing business, of which Singapore clearing bank is the core. Since designated to be the first overseas RMB clearing bank by the People's Bank of China in February 2013, Singapore Branch has continued to improve its efficiency of the clearing service, leading to a rapidly increasing clearing volume. In 2014, the total clearing volume of the Branch reached RMB 37.5 trillion, increasing by 13 times over the previous year. This not only indicated the sound development of the RMB business in Singapore market, but also proved the market recognition of the service capability of Singapore clearing bank. Singapore Branch is now at the forefront of local market in RMB deposits, loans, clearing, settlement and undertaking of Lion City Bond. In terms of the innovation in RMB business, the Branch also created a number of "firsts" in operation on the international capital market. It underwrote the first non-financial corporate Lion City bond in Singapore market and the first local corporate Lion City bond in Singapore. Besides, it recorded a Lion City Bond with historical single issuance of RMB4 billion. ICBC has underwritten 63% of the RMB17.2 billion Lion City bonds  which have been issued, ranking No. 1 among the Chinese financial institutions.

Mr. Leong Sing Chiong, Assistant Management Director (Development & International) of the Monetary Authority of Singapore said that Singapore bond market would provide Chinese investors with strong international investor base to enjoy competitive financing costs and diversified financing channels.

Mr. Lawrence Wong, Executive Vice President of the Singapore Exchange indicated that Chinese companies issuing Lion City bonds in Singapore would not only open new channels for Singaporean investors to make investment return, but also take a ride on China's economic express.

The Forum, another major activity held by ICBC for RMB internationalization after the large events of "RMB Qualified Foreign Institutional Investors (RQFII) Forum" and the "First Singapore RMB Internationalization Summit" in 2014, is aimed at diversifying channels for Chinese enterprises to raise funds in the international capital markets and building a bridge for them to "go global" via Singapore.