ICBC in Pakistan announces to provide RMB clearing services
BUSINESS
By Wang Kailin

2017-04-24 18:03 GMT+8

4721km to Beijing

The Industrial and Commercial Bank of China (ICBC) began its operations in Pakistan in 2011, and has now become one of the key players in the multi billion dollar China–Pakistan Economic Corridor project.
Since the ICBC entered the Pakistani market, it offers financial services to over 100 local and Chinese enterprises.
The business scope includes local and foreign currency deposits and settlement, trade finance, project finance, foreign exchange and investment advisory.
The ICBC recently announced RMB clearing services to provide convenience for trade. 
Experts say that this will not only provide an alternative settlement currency to its customers, but also help to place a solid foundation for Pakistan to expand its foreign trade and reserve.
He Shenghu, CEO of the ICBC in Pakistan
He Shenghu is the CEO of the ICBC in Pakistan,  and stated, “ICBC will of course have an advantage in doing this RMB clearing in Pakistan, and I think that with the help and support from the state bank of Pakistan and with the help of the clients both in corporate sector and in the individual sector from china and Pakistan side, ICBC will provide very good financial services and RMB clearing services to the Chinese and Pakistani clients.” 
The Karachi electronics dealers association’s president, Mohammad Rizwan thinks RMB clearing in Pakistan is a key step between China and Pakistan’s trade relations. He believes RMB clearing “will further strengthen the Chinese currency and will indirectly strengthen the Pakistani rupee and will further boost trade.”
ICBC Karachi Branch has been granted full banking license by the state bank of Pakistan leaving no difference between other local commercial banks in terms of business scope. Local businessmen welcome the change.
“lt will be beneficial for us traders and businessmen because the dollar’s value is constantly fluctuating and i think trade will prosper if we deal in RMB.” 
Experts say that with more and more countries joining China’s  belt and  road initiative, further investment is expected to come in Pakistan.
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