Global Banking Directory (since 2007)
Press Release Distribution Service
Add Bank | Banking Forum | Donate
Advertisement
  • Swiss Payment Forum, 11-12 November 2019
  • Invest in our projects
  • Buy Finance Books at Amazon 2019
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: Industrial and Commercial Bank of China (ICBC)

Logo Industrial and Commercial Bank of China (ICBC)10 AM, December 15th, Moscow – Li Hui, the Chinese ambassador to Russia, struck the opening bell for the direct trading of RMB-Rouble at the Moscow Interbank Currency Exchange. This is the first time that the RMB has ever been directly listed abroad. At 10:01 AM, ICBC Moscow Joint-stock Company ("ICBC Moscow"), a wholly-owned subsidiary of ICBC, as the market maker and clearing bank for RMB-Rouble trading sold RMB 168,000 at 1 yuan against 4.6350 rouble, marking the first trading of RMB in overseas exchanges.

The daily session lasts one hour, according to the rules of Moscow Interbank Currency Exchange, ICBC Moscow concluded five exchange transactions between RMB and Rouble on the first trading day, involving a total of RMB 1,004,000.

Industry insiders said that the success of trading in RMB outside China is another milestone after the pilot started for using RMB as the settlement currency for cross-border trades, also an important event as China moving to internationalize RMB. The quickening pace of RMB's internationalization drive will create enormous business opportunities for the Chinese commercial banks, who are the main holders and operators of RMB funds. They will better compete with the foreign banks in areas they are most adept at and boost their presence overseas. ICBC Moscow being the market maker for the RMB-Rouble trading rightly demonstrates the solid strength of Chinese commercial bank in running RMB business.

As related, the direct trading of a currency on an international Exchange is significant to raise the profile of the currency in the international market. When compared to trading currency over-the-counter, direct trading allows local Russian banks to get hard-to-obtain RMB for their transactions and cash positions and one step further to determine the direct exchange rates between the two currencies. It also brings greater options and more channels for the RMB-Rouble settlements, reduces the conversion cost and exchange rate risks for banks and enterprises from both countries in their trade activities and motivate them to use RMB to settle their bilateral trades.

During its internationalization progress, ICBC has attached high importance and taken the internalization of RMB as the opportunity to push ahead the RMB cross-border business, said an executive with ICBC. ICBC Moscow fully participated in the preparation since Moscow Interbank Currency Exchange kicked off the project in May this year to expand the foreign exchange trade in RMB. ICBC Moscow becomes the market maker and clearing bank and opens RMB cross-border settlement accounts for 33 Russian banks. In the next step, ICBC Moscow will continue acting as the market maker and RMB clearing bank and strictly comply with the regulatory requirements and rules of Moscow interbank currency market to loom large this emerging business of direct exchange between RMB and Rouble. The Branch is making its own contribution for driving the trading and investment activities between China and Russia.

Source: Industrial and Commercial Bank of China (ICBC)
Date: 25.12.2010
Articles
 Havin Bank Ltd selects ifinancial’s AMLtrac software to enhance its AML procedures

Havin Bank Ltd, the only bank with entirely Cuban capital established outside Cuba, has chosen the KYC and Document Management, Account Monitoring, Transaction Tracking, SWIFT message screening and Alert Management modules of ifinancial's AMLtrac software to strengthen the management and control of its compliance and anti-money-laundering risk. 19.11.2018 | Source: IFinancial

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: Middle East Global Advisors

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events


2007-2019 © Global Bank Directory