ICBC (Asia), a subsidiary of ICBC, was officially approved by CFETS to participate in China's interbank foreign exchange market from May 20, becoming one of the first overseas RMB trade participating banks entering China's interbank foreign exchange market.

As an overseas participating bank of China's interbank foreign exchange market, ICBC (Asia) can directly conduct various RMB and foreign exchange trades in domestic interbank market, including spot trade, forward trade, swap trade , currency swap and stock option, which will diversify its channel of square positioning in RMB business, improve quotation for RMB trade and further promote its competitiveness in RMB business.

According to an official of ICBC (Asia), ICBC (Asia) is ICBC's overseas flagship branch, offshore RMB trading center, Asian time centralized trading center, main participator of Hong Kong offshore RMB market and one of the market makers in finance market. ICBC (Asia) has recently been designated as a level-1 liquidity provider of Hong Kong offshore RMB market by Hong Kong Monetary Authority. In addition, it has become a designated bank of China Securities Depository and Clearing Co., Ltd to conduct clearing and swap business.Given the approval to enter domestic interbank foreign exchange market, ICBC (Asia) will further improve its cross-border RMB business, provide customers with quality and efficient RMB services and drive the development of Hong Kong Offshore RMB market.