CFETS has recently launched RMB-ZAR direct trading. ICBC, designated as one of the first market markers, conducted the first RMB-ZAR spot transaction upon market opening.

RMB-ZAR direct trading is the first direct trading between RMB and an African currency in CFETS, representing a milestone of RMB globalization. The RMB-ZAR direct trading can not only effectively reduce trading and currency conversion cost, simplify procedure, but also facilitate bilateral trade and investment between China and South Africa as well as cross-border use of RMB.  

Market makers of interbank foreign exchange market refer to market participants approved by SAFE to constantly offer market members with deal prices and provide market fluidity through purchase and sale. In the past few years, ICBC has actively developed foreign exchange market maker transactions based on customer's needs, becoming the only Chinese commercial bank with market maker qualifications for all direct-trading currencies in the interbank foreign exchange market, and leading value in market maker transactions. The bank can currently provide quotations for over ten direct-trading currencies, including Euro, JPY, GBP, AUD, NZD, SGD, CHF, the ruble, ringgit and ZAR, with a full range of business covering spot, future and swap.