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FOREIGN EXCHANGE | Cesar Tordesillas, China
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ICBC's cross-border yuan settlement exceeds $22.83B

ICBC handled more than US$22.83 billion or 150 billion yuan of cross-border trade settled in its own currency in January. This is according to a statement released on the bank's website.

 

The ICBC has opened more than 200 yuan-denominated accounts for overseas institutions by the end of January, said the statement.

At present, its yuan settlement network covers 49 countries or regions, the most among China's commercial banks.

The statement said the bank will further improve its network of overseas yuan settlement, and enhance its capability to provide quality services to overseas clients.

The ICBC started the business in July 2009 after the government launched a pilot program for cross-border trade settlement in yuan.

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