Industrial and Commercial Bank of China: Supporting RMB Internationalization from Three Aspects

Sourced from: Xinhua Finance

Xinhua Finance Beijing, April 3 (Reporter Lu Yuhang): On April 3, Industrial and Commercial Bank of China (ICBC) held in Beijing the launch of “Chunxu Action 2026,” an all-round cross-border RMB financial solution (RMB CFS), to advance the internationalization of the renminbi and expand the use of RMB in international trade and investment.

According to the announcement, the solution achieves globally integrated and coordinated operations, improves ICBC’s distinctive cross-border RMB service system, and upgrades the ecosystem of financial services, digital channels, and comprehensive value, in order to promote smooth trade, facilitate capital flows, and enhance market connectivity, better supporting the dual circulation of domestic and international markets.

First, link cross-border RMB usage ecosystem scenarios. Centered on customers’ global business operation scenarios, with RMB as the focus, it deeply integrates resources in both domestic and international contexts, and both online and offline, to provide 7×24-hour, one-stop services. It also leverages multilateral cooperation platforms such as the Belt and Road banking interbank cooperation mechanism (BRBR) and the China-Europe enterprise alliance to help expand the “circle of friends” for RMB and strengthen the foundation for cooperation.

Second, build a digital channel as close as neighbors across the world. Continue to expand the cross-border RMB payment system (CIPS) clearing and settlement service ecosystem, and deepen innovative applications such as the multilateral central bank digital currency bridge and cross-border QR code payments, to enhance the smart and digitalized service capability for cross-border RMB. It will continuously improve new financial infrastructure including clearing, payments, and custody, to promote capital flows that are safer, more efficient, and more convenient.

Third, work together to create comprehensive value that is mutually beneficial and win-win. Give full play to ICBC’s advantages in global RMB services, and support enterprises in globally allocating assets and comprehensively managing risks through a service model of “financing, financial intelligence, financial technology, and interconnection.” It will deepen exchange and cooperation with peers such as Standard Bank Group, broaden RMB application scenarios, expand offshore RMB funding pools, and better help enterprises reduce risk costs and improve value returns.

Under the plan, ICBC has launched 10 major service systems, including global account opening, cross-border trade settlement, investment in real industries, financial market investment wealth management, financing with linkage between onshore and offshore, capital market financing, market risk management, global cash management, public-private linkage, and international cooperation. It will set up a dedicated RMB financing quota of RMB 1 trillion for connecting domestic and overseas markets. It will provide cross-border RMB financing support to eligible customers such as domestic and overseas enterprises and institutions, with key support for areas such as new quality productive forces, digital trade, and Chinese companies’ overseas expansion, pushing high-quality development forward with new steps.

At the event site, ICBC signed a memorandum of cooperation on RMB with Standard Bank Group. The two sides will deepen strategic alignment and expand RMB usage scenarios in Africa. Several ICBC branches and subsidiaries also signed cooperation agreements with nearly 200 enterprises from more than 30 provinces and cities across the country and 18 countries overseas.

Editor: Xing Lisha