Daily Times

The Industrial and Commercial Bank of China (ICBC) and Pakistan Banks’ Association (PBA), jointly conducted an awareness session to promote the use of RMB in local economic trade and investment. Titled, “RMB Business Promotion to facilitate trade between China and Pakistan,” the prime purpose of the session was to make the banking industry of Pakistan aware about the key factors involved in trading in the Chinese currency (RMB) with the Chinese banking system.

Mr. Chen, CEO, ICBC Pakistan, said, “ICBC attaches great importance to the Pakistani market. The ICBC Karachi Branch, established in May, 2011, is a leading foreign bank operating in branch mode in Pakistan. It is the RMB clearing bank designated by the State Bank of Pakistan and is the leading RMB market matter. Since its establishment, the ICBC Karachi Branch has been committed to setting up a good relationship with its local peers. By leveraging the ICBC Group’s service network and business advantages, the ICBC Karachi Branch provides high quality and comprehensive financial services for Chinese and Pakistani companies and facilitates the local economic and social development.

“With the implementation of the Belt-and-Road Initiative and the accelerating construction of CPEC, Sino-Pakistani bilateral economic and trade relations are increasingly deepening, and the prospects for the development of RMB business in the Pakistani market have never been so broad and extensive.

“As the bank with the largest market capitalization, ICBC has set up more than 400 off-shore units in 45 countries and regions. In recent years, it has taken advantage of its international operations to promote the internationalization of RMB business and facilitate bilateral trade and investment of China and its partner countries.”

Mr. Tawfiq Husain, CEO, Pakistan Banks’ Association, stated that as China is the largest trading partner of Pakistan, the use of RMB for settlement of trade transactions between the two countries will keep growing. It was to facilitate the use of RMB that ICBC and PBA had jointly hosted this event.

During the event, experts from ICBC introduced comprehensive policies of cross-border RMB business, products and services, on-shore and off-shore markets, as well as ICBC’s strengths in RMB clearing and market making.

The interactive session, attended by about 100 top-level representatives of all the banks of Pakistan, received a positive response as the attendees and speakers shared their insights of the industry and expressed their opinions about RMB and how it can be useful in trade and banking in the future.

Published in Daily Times, May 13^th 2018.