On February 21, 2023, the People's Bank of China issued an announcement authorizing Industrial and Commercial Bank of China (Brazil) Co., Ltd. (hereinafter referred to as "ICBC Brazil") to act as the Brazilian RMB clearing bank. This is another powerful measure taken by Industrial and Commercial Bank of China to help promote the orderly development of RMB internationalization, promote high-level opening up to the outside world, and build a strong trading nation. So far, Industrial and Commercial Bank of China has served as a RMB clearing bank in 11 countries including Singapore, Luxembourg, Qatar, Canada, Thailand, Argentina, Russia, Laos, Kazakhstan, Pakistan, Brazil, and is the commercial bank with the largest number of RMB clearing banks in South America.
China and Brazil, as the largest developing countries and representatives of emerging economies in the eastern and western hemispheres, have highly complementary economic structures and close trade and investment exchanges. China has maintained its position as Brazil's largest trading partner for 13 consecutive years, and Brazil is China's largest export destination, import source, and investment destination in Latin America. With the deepening of the "the Belt and Road" initiative, China Pakistan cooperation in agriculture, mining, infrastructure, digital economy and other fields has gradually deepened, and the RMB has gained significant attention in the local area, with growing demand for use. The approval of Industrial and Commercial Bank of China to serve as the Brazilian RMB clearing bank this time will help the bank provide professional and efficient cross-border RMB clearing and settlement services, actively promote economic and financial cooperation between the two countries, and help China Pakistan comprehensive strategic partnership reach a new level.
ICBC Brazil is a wholly-owned subsidiary of Industrial and Commercial Bank of China, established in January 2013 and headquartered in S ã o Paulo, Brazil. It holds a full-featured commercial banking license and can provide a full range of financial services including deposits and loans, settlement and remittance, foreign exchange trading, fund clearing, electronic banking, and investment and financing information consulting. Since its establishment, ICBC Brazil has fully utilized Brazil's economic and geographical advantages, relying on the overall operational strength of the group to provide customers with professional and high-quality financial services. At the same time, we will earnestly practice the concepts of inclusive finance, green finance, technology finance, and sustainable development, actively fulfill our social responsibilities, and support Brazil's economic and social development with financial strength.
At present, Industrial and Commercial Bank of China has 421 institutions in 49 countries and regions around the world, indirectly covering 20 countries in Africa through its participation in Standard Bank Group. Its service network covers six continents and major international financial centers worldwide. It is the first commercial bank in the world to provide 24/7 uninterrupted RMB clearing and trading services, with an annual processing capacity of over 100 trillion yuan for cross-border and offshore RMB business, leading the market for a long time. Next, Industrial and Commercial Bank of China (ICBC) will fully utilize the advantages of five major cross-border RMB service systems, including cross-border settlement, cross-border investment and financing, exchange rate risk management, global cash management, and offshore RMB, to increase financing support, strengthen the construction of RMB ecosystem scenarios, help expand the scope of trade and investment facilitation, and actively contribute ICBC's efforts to building a new development pattern of dual circulation.
