Cross-border finance has become a new growth point of ICBC (Asia)
Cross-border finance is developing rapidly thanks to the opening up of China’s capital market, opportunities brought by “Belt and Road Initiative”, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Take Industrial and Commercial Bank of China (Asia) as an example. ICBC (Asia) started its cross-border RMB business in 2013. By the end of 2017, the bank had established partnership with more than 500 enterprise customers, supported the settlement of near 20 currencies, processed more than CNY36 trillion RMB settlement, had more than CNY30 billion total deposit, and achieved double-digit growth in relevant businesses.
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