In 2012, China's settlement of trade payments in RMB with countries around the world has been increasing at a reasonable pace. Given the good momentum in offshore RMB market, the cross-border RMB business of commercial banks made a quantum leap. At ICBC, branches at home and abroad settled cross-border trade transactions in RMB to a total of over RMB 1.5 trillion last year, a jump of nearly 70% when compared to the same period a year earlier. As of end of 2012, ICBC's RMB clearing network covers about 70 countries/territories. At present, cross-border RMB service is available at all ICBC overseas branches under the approval of local regulatory authorities.

The momentum of ICBC's cross-border RMB services around the world has been rising in parallel with the larger market share in China. Last year, cross-border RMB settlements by overseas branches accounted for around 50% of the total. In some ICBC overseas branches, RMB business contributed one-third or even 50% to their asset business, deposit-taking or business revenue, a key element of their core competence. ICBC currently has an overseas banking network of about 400 branches encompassing 39 countries/territories. A majority of them are main participants in offshore RMB market. ICBC Vientiane Branch is a case in point. In June 2012, Bank of the Lao PDR ("Central Bank") announced the Branch was the sole yuan-clearing bank in the country, acting on behalf of the Central Bank and a confirmation of Laotian regulatory authority to ICBC's strength in RMB business.

Amid the steady pace for making RMB international, ICBC rolled out many new RMB services worldwide last year, heading all banks in China, said an executive with the Bank. In 2012, ICBC was the first bank in the country to boost the influence of RMB outside China. The Bank successfully promoted the use of RMB as FX reserve asset to foreign government. In London, ICBC was the first Chinese bank to issue RMB certificate of deposit, filling the gap of RMB CD in London market. In Moscow, ICBC defends its position as the largest RMB market maker. ICBC's RMB-Rouble trades captured almost 70% market share in Moscow Interbank Currency Exchange. In Hong Kong, ICBC was the first Chinese bank to become a market maker for offshore RMB futures trades. Today, the average settlement volume of ICBC accounts for 20% of the total in offshore RMB futures market. In Singapore, Malaysia, Cambodia, ICBC issued ICBC CUP dual-currency credit cards (SGD/RMB, MYR/RMB and USD/RMB), the first RMB dual-currency credit cards available in the local market and a driver of ICBC's overseas RMB retail banking business.

ICBC, being a large bank specialized in RMB business, has the unique advantages in moving forward the service across the border. First, ICBC sits on the top of the global ranking in terms of total RMB assets and settlement volume. Supported by strong RMB capital position, ICBC ensures greater access to customers for RMB funds and offers competitive rates. In IT support, ICBC is the first commercial bank in the country to centralize process all transactions from domestic and overseas. The real-time clearing system and centralized clearing in home and foreign currencies covering transfer, settlement, clearing connect ICBC outlets across the globe under one roof enable real-time transfer of funds, offering fast and highly efficient settlement services for all customers, as well as a solid foundation for ICBC to become a globe RMB clearing bank. In terms of services, today, ICBC has a comprehensive portfolio of cross-border RMB products that cater to customer needs, encompassing retail banking, fund clearing, trade finance, global cash management, special finance, investment banking, bank card, internet banking and asset management. Different product portfolios can be offered to different customers.

In the next step, ICBC will continue to extend its domestic advantages in RMB capital, products, system and professional staff overseas to serve customers around the world through a global RMB clearing network. The objective is to build a highly efficient platform for the delivery of RMB services through different channels with a wide range of products, in a bid to be the preferred partner bank of cross-border RMB services.