Bank advances RMB globalization

Since China's pilot scheme for cross-border renminbi settlement was launched in July 2009, the Chinese currency has gained global influence.

As a leading bank in renminbi internationalization business, Bank of China is using its advantages to build a major platform for the globalization of the Chinese currency.

Since 2009 when China allowed companies on the Chinese mainland to use renminbi for international trade settlement, cross-border renminbi settlement volume of BOC group amounted to 14 trillion yuan ($2.26 trillion) by the end of 2014. The cross-border renminbi settlement volume of last year reached 5.32 trillion yuan, up 34 percent from 2013. BOC claims that 30 percent of cross-border settlements are done through BOC.

As its business grows, BOC has been diversifying its financial products and services with cross-border renminbi settlement, lending, fundraising and wealth management services as well as the issuance and underwriting of renminbi bonds.

Last year, it successfully issued the 'Oceania Bonds' in Australia, 'Schengen Bonds' in Luxemburg and 'Arc de Triomphe' Bonds in France, and assisted the United Kingdom, Australia, Canada and Malaysia to issue renminbi-denominated sovereign bonds, which further improved its international influence. BOC has already formed a mature renminbi clearing network globally and opened more than 1,360 renminbi accounts for overseas correspondence banks.

BOC is the renminbi clearing bank authorized by the Chinese central bank for seven countries and regions such as Germany, France, Australia and Malaysia, as well as China's Hong Kong, Macao and Taiwan to provide renminbi liquidity and other services.

As the renminbi service provider for over 100,000 business clients, BOC is a leading choice for both exporters and importers.

Embracing the opportunity presented by the Belt and Road Initiative, the bank said it is endeavoring to provide superior and diversified renminbi services to enterprises along the routes.

BOC endeavors to represent the voice from the Chinese banks. A large number of experts of the bank are holding important posts in various international institutions to express the opinions for China on drafting banking regulations. Its superior research capacity helps customers keep abreast of the renminbi market trends and facilitates trade and investment activities.

In the future, BOC said it will further propel the internationalization of the Chinese currency to make it a better choice for international clients. BOC will continue supporting Chinese enterprises to go global, deepen currency cooperation between China and foreign economies and help economies along the Belt and Road improve their infrastructure.

zhuanti@chinadaily.com.cn

(China Daily 06/29/2015 page12)