KARACHI: The Industrial and Commercial Bank of China (ICBC) Pakistan hosted a seminar titled “RMB Prospects & Applications” to facilitate trade between China and Pakistan. The seminar was conducted with the prime objective of promoting awareness and understanding within the banking and business sectors of Pakistan about the key factors involved in utilising the Chinese currency (RMB), says a Press release.
The ICBC Pakistan, established in May 2011, is a leading foreign bank operating in branch mode, the RMB clearing bank designated by the People’s Bank of China, and the leading RMB market maker in Pakistan. Since its establishment, the bank has been committing to setting up a good relationship with local peers. By leveraging the ICBC Group’s service network and business advantages, the bank provides high-quality and comprehensive financial services for Chinese and Pakistani customers and facilitates the local economic and social development.
ICBC has set up more than 400 global units in 45 countries and regions outside the Chinese mainland. As a global banking giant, ICBC has set a precedent with its dedication to promoting the internationalization of RMB business. This initiative aligns seamlessly with its overarching goal of boosting bilateral trade and investment between China and its partnering nations.
During the event, experts from ICBC introduced comprehensive policies, products and services, on-shore and off-shore markets of cross-border RMB business, as well as ICBC’s strengths in RMB clearing and market making. This year marks the 10th anniversary Belt and Road Initiative (BRI) proposed by President Xi Jinping and also the 10th anniversary of the launch of China-Pakistan Economic Corridor (CPEC). “The implementation of the Belt-and-Road Initiative and the rapid advancement of the China-Pakistan Economic Corridor (CPEC) have propelled bilateral economic and trade relations between China and Pakistan into new realms of collaboration. Consequently, the potential for the growth of RMB-related business in the Pakistani market is at an all-time high.”
The participants appreciated that increasing the use of RMB products will facilitate trade and investment with Chinese and international 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.
The interactive session, attended by Yang Yundong, Consul General of China in Karachi, Mr. Yang Guangyuan, Counselor (Commercial) of Consulate General of China in Karachi, Deputy Governor Dr. Inayat Hussain, State Bank of Pakistan and about 150 top-level representatives from the banking industry and Corporate sectors received a positive response as the attendees and speakers shared their insights of the industry and expressed their opinions about RMB prospects and applications in the future.
