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ICBC issues RMB financial products in the US

ICBC, Chinese renminbi, Chinese currency in US

China's State-owned commercial lenders have made strong progress in renminbi internationalization, with the currency falling 5.6 percent against the US dollar in the past year.

中国国有商业银行在人民币国际化方面取得了很大进步,在过去一年中,人民币对美元汇率下降了5.6%。

Industrial and Commercial Bank of China Ltd has issued its first renminbi-denominated certificate of deposit, allowing institutions to issue and clear financial products denominated in the Chinese currency in the US. The CD, valued at 500 million yuan, has a 31-day maturity and allows US borrowers to issue renminbi-denominated securities for trading and settlement purposes.

中国工商银行已经首发了人民币定存单,允许机构进行发行,并在美国发行了人民币计价的金融产品。该定存单发行总额定在5亿人民币,期限为31天,允许美国借款方发行人民币计价的证券用于交易和结算。

"The launch presents a significant milestone in meeting the growing demands of investors in the US and around the world to have access to the renminbi," said Jiang Jianqing, ICBC's chairman, in a statement.

工行董事长姜建清在声明中说:"此次发行具有里程碑式的意义,大大满足了美国以及全球投资者对人民币越来越高的需求。"

"The renminbi is an increasingly important part of the global payments system, as payments in this currency are growing faster than overall global payments in all currencies."

"人民币在全球支付体系中越来越重要,用人民币进行的支付活动数量增长速度比全球整体的所有货币支付活动都快。"

Between February and March, renminbi payments increased 18.5 percent in value compared with a 10.7 percent increase in payments of other currencies, according to the Society for Worldwide Interbank Financial Telecommunication, which said the renminbi is now the fifth-most active currency used for global payments.

根据全球银行间金融电信协会的数据,今年二月份到三月份期间,人民币支付增长了18.5%,同时其他货币的支付增长了10.7%。该协会认为现在人民币是全球支付中第五活跃的货币。

ICBC and BNY Mellon Corporate Trust, the issuer and paying agent of the new CD, are members of the Working Group on US Renminbi Trading and Clearing, which promotes trading, clearing and settlement of the Chinese currency in the US. The group is chaired by former New York mayor Michael Bloomberg, who said at the launch ceremony that it is important that US firms can easily use Chinese currency.

工商银行和新定存单的代理发行人纽约梅隆信托公司都是美国人民币交易和清算工作组的成员。这个工作组负责促进在美国的人民币交易,清算和结算。该工作组由前纽约市长迈克尔·布隆伯格领导,他在发行仪式上说这样的举措对美国公司便捷使用人民币有很重大的意义。

"Being able to clear renminbi here will lower costs for firms that want to do business, make our financial centers more competitive globally, and strengthen US-China relationships.All of that will help growth on both sides of the Pacific," Bloomberg said.

布隆伯格说:"能就地清算人民币大大降低了想(用人民币)做生意的公司的成本,让我们的金融中心在全球舞台上更有竞争力,并促进了中美关系。这一切都会有利于太平洋两岸的发展。"

Large Chinese commercial lenders have been accelerating the internationalization of the renminbi, in tandem with ongoing business expansion abroad by Chinese companies and banks. ICBC registered 4.34 trillion yuan in cross-border renminbi business volume in 2015, up 18.61 percent from the previous year. Bank of China Ltd, another leading player in renminbi internationalization, recorded 5.39 trillion yuan in cross-border renminbi settlement last year.

随着中国企业和银行的不断扩张,中国大型商业银行一直在加快人民币国际化的步伐。工商银行2015年跨境人民币业务量达到了4.34万亿,与去年相比增加了18.61%。另一个人民币国际化的领头人中国银行,去年的跨境人民币结算金额也达到了5.39万亿。

Its cross-border renminbi clearing business volume rose 37 percent year-on-year to 330.96 trillion yuan.

今年,他们的跨境人民币清算业务量同比增长了37%,达到了330.96万亿元。

2016-06-22

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