CEO ICBC emphasizes need for cross-border RMB business promotion

June 27, 2022: Mr. Chen Yuncheng, the CEO of Industrial and Commercial Bank of China (ICBC) Karachi Branch said the efforts made by ICBC Pakistan to create awareness and understanding of RMB among the business community in Pakistan and emphasized the necessity of cross-border RMB business promotion and the benefits of using RMB as one of the currencies for trade and investment, a press release said today. 

To facilitate local markets' understanding and utilization of RMB, and further in the light of some interest in a new circular by PBC (People’s Bank of China), effective from March 1, 2022, to allow Chinese Commercial banks in China directly lend RMB to overseas entities, ICBC Pakistan and OICCI (Overseas Investors Chamber of Commerce and Industry) had jointly held a webinar on the subject RMB: Development, Infrastructure and Products.

Senior management from OICCI members attended this important event.

M Abdul Aleem, CE/ Secretary-General OICCI, appreciated the ICBC engagement with leading investors on this important matter which is going to be useful for investors' understanding of the RMB development and prospective, opportunities for infrastructure building and new RMB products in Pakistan. ICBC, the largest commercial bank in the world, is providing financial services in Pakistan for over 10 years. In the light of new developments, the webinar provided OICCI members an opportunity to learn about a new opportunity in financing.

Speakers for the session from ICBC Pakistan specifically talked about RMB development and perspective, RMB infrastructure building in Pakistan, and RMB business and products in Pakistan.

The participants appreciated that increasing the use of RMB products will facilitate trade and investment with Chinese counterparties as it is relatively stable in value, convenient in clearing and low in cost. RMB usage can also decrease the exchange rate risk among investment and trade activities.