ICBC Pakistan reflects on ten years of driving RMB adoption

November 25, 2025 (MLN): ICBC Pakistan has completed ten years of supporting the international use of the Chinese Renminbi (RMB) in the country, a development that has gradually reshaped Pakistan’s cross-border financial framework and strengthened economic ties with China.

The bank’s role in RMB facilitation began gaining traction in 2015, when the State Bank of Pakistan (SBP) authorised ICBC to operate as an RMB clearing institution, according to a press release issued.

This decision opened the door for more efficient settlement of Pakistan–China transactions.

The process moved a step further in 2022 after ICBC received approval from the People’s Bank of China (PBOC), positioning the bank as the central player for RMB clearing operations in Pakistan.

An event organised to mark the milestone brought together senior officials from Pakistan’s financial sector, regulators, and representatives from Chinese institutions.

Discussions at the gathering focused on the expanding use of RMB in regional trade and future opportunities for Pakistan’s financial markets.

In his remarks, ICBC Pakistan CEO Mr. Zhou Bo emphasised the bank’s long-term partnership with Pakistan and its commitment to strengthening financial connectivity between the two countries.

He acknowledged the support received from regulators and clients and reiterated ICBC’s dedication to providing innovative financial solutions.

The event featured participation from key Chinese dignitaries, including PBOC Director-General Mr. Zhou Yongkun, ICBC Senior Executive Vice President Mr. Zhang Weiwu, and the Chinese Consul General in Karachi, Mr. Yang Yundong.

Their presence reflected China’s ongoing focus on deepening financial cooperation with Pakistan.

A detailed overview of RMB market trends and future priorities for Pakistan was presented by ICBC Pakistan’s Director Treasury & FI, Mr. Zhao Yifei.

He explained how the RMB’s global profile is rising and outlined ICBC’s roadmap for widening RMB-based trade, investment avenues, and market infrastructure in Pakistan.

Former SBP Governor Mr. Yaseen Anwar shared his assessment of Pakistan’s evolving financial architecture, noting the strategic potential of RMB as a reliable settlement currency.

He highlighted ICBC’s contribution in bringing international standards to Pakistan’s banking ecosystem.

SBP Executive Director for Financial Markets & Reserve Management, Mr. Muhammad Ali Malik, reiterated the central bank’s objective of expanding currency choices, enhancing resilience in financial markets, and supporting Pakistan’s integration into global financial systems.

The event concluded with a recognition of the various institutions and individuals who have contributed to the progress of RMB internationalisation in Pakistan.

Participants agreed that the groundwork laid over the past decade creates promising opportunities for deeper collaboration and market development in the years to come.

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