In 2014, with continued expansion of cross-border RMB flows and the scope of its usage, the cross-border RMB business of all commercial banks entered a faster development phase. The data released by ICBC showed that its Group-wide cross-border RMB business volume exceeded RMB 3.5 trillion by the end of 2014, scaling a historical new high. Since the launch of the cross-border RMB business pilot in 2009, the Bank has completed over RMB8 trillion cross-border RMB transactions in total, at an average annual growth rate of over 200%.

Meanwhile, up to now, the Bank has seen its overseas institutions in Singapore, Luxembourg, Doha, Toronto and Bangkok designated by the PBOC as the local RMB clearing bank, established a 24×7 global RMB trading and clearing system, and significantly enhanced RMB remittance/transfer efficiency and usability worldwide, with the RMB clearing volume hitting new heights. Take its branches in Singapore and Luxembourg (both being the local RMB clearing banks) for example. Singapore Branch realized a growth spurt in the clearing business volume. By the end of last year, the branch extended its service coverage to 38 countries and territories, and posted a total clearing volume of over RMB 40 trillion, which strongly drove the growth of the RMB capital pool in the Singaporean market, and boosted market activity and appeal. Since officially commencing operation on December 22, 2014, Luxembourg Branch has also achieved rapid business development, with its clearing service covering 13 countries and territories.

An ICBC official said that the innovation and development of the cross-border RMB business is paying off not only in the form of critical strategic opportunities for banks to develop businesses, but also creating new drivers for Chinese enterprises going global and the growth of the real economy.

On the part of banks, the expansion of commercial banks' overseas institutions has provided major channels for the cross-border use of RMB. ICBC has now set up over 330 overseas institutions in 41 countries and territories worldwide, and extended its reach to around 20 African countries by investing in Standard Bank, becoming a bridge connecting the onshore and offshore RMB markets. Before the kickoff of the cross-border RMB pilot program in 2009, RMB business barely contributed to ICBC's overseas institutions. But now its contributions to the total assets, liabilities, revenue and profit of these overseas institutions have all exceeded 20%, or even 60% in the case of some institutions, and still kept growing.

On the part of enterprises, they now have more choices and more convenient financing tools in either cross-border RMB settlement and financing or investment and operation. For instance, ICBC has continued to diversify product portfolios including RMB deposits/loans, remittance, settlement, financing, clearing, personal cross-border RMB business, treasury and derivative products; and innovated in dual-currency LC, cross-border RMB structured agency payment, RMB forfeiting, among others, through coordination and collaboration between its domestic and overseas institutions. The Bank has successively completed a slew of transactions, including the world's first overseas project financing deal dominated in RMB, the first cross-border RMB leasing project, cross-border two-way RMB capital pool, and cross-border RMB lending in China (Shanghai) Pilot Free Trade Zone, helping multiple overseas institutions complete FDIs worth tens of billion yuan. On the capital market, ICBC has launched a range of innovative services, such as the issue of RMB bonds, funds, insurance, precious metals, stocks, custody, asset management and private banking.