March 4th 2013 - It is reported that as at the end of 2012, the cross-border RMB business of the domestic and overseas branches of Agricultural Bank of China Limited (ABC) had exceeded RMB1 trillion. The settlement volume of the same accounted for over 9% of the international settlement volume.

ABC has closely followed the government’s cross-border RMB policy and paid close attention to changes in the domestic and overseas markets. Taking account of increasingly diverse cross-border financial demands of customers, it has established a quick response mechanism regarding cross-border RMB product innovation. Besides, it has built and continuously improved its full-range cross-border RMB product system covering settlement, clearing, financing, trading and capital markets. Featured products such as cross-border facilities, cross-border dual-currency service, cross-border RMB agency payment, etc. meet customers’ demands for financing, wealth management, risk hedging and efficient capital operation. Therefore, it gained wide recognition from customers. Furthermore, ABC has set up a professional cross-border RMB team consisting of domestic and foreign experts, implemented list-based management of customers and tailored RMB-foreign currency integrated financial service solutions according to differentiated needs of customers. Up to now, more than 6,000 customers have chosen ABC as their cross-border RMB business partner.

While accelerating business growth in the East China, ABC has made efforts in promoting cross-border RMB business in the middle and west of China. Market shares of the branches in border trade areas including Inner Mongolia maintained the first place among the local peers. The cross-border RMB business volumes of Hebei and Shaanxi branches grew by nearly 20 times over the last year. Upholding the philosophy of customer first and innovation-driven business growth, ABC has given full play to its domestic and overseas service network consisting of 24,000 domestic outlets, 12 overseas subsidiaries and 1,412 corresponding banks in 119 countries and regions around the globe. It has improved cross-border RMB services and endeavored to meet diversified cross-border financial needs of customers, contributing to the further internationalization of RMB.

Re-disseminated by The Asian Banker