Serbia

On December 29, 2023, the People's Bank of China authorized Bank of China (Serbia) Limited to become the RMB clearing bank in Serbia. This decision marks Bank of China's role as the RMB clearing bank in 15 countries and regions, maintaining its leading position in the industry.

In recent years, the comprehensive cooperation between China and Serbia in infrastructure construction and production capacity has yielded fruitful results, expanding the depth and breadth of pragmatic cooperation. Bank of China (Serbia) Limited, established in 2017, is the first Chinese-funded bank to operate overseas in the Balkans and the only Chinese-funded financial institution in Serbia. Since its establishment, the bank has been committed to promoting the development of the Serbian RMB market, providing a comprehensive package of services including RMB asset management, exchange rate risk management, and global cash management. It strongly supports key projects under the Belt and Road Initiative, promoting the use of RMB in projects and cooperation between enterprises of both countries.

Kazakhstan

The Industrial and Commercial Bank of China (ICBC) opened its RMB clearing bank in Almaty, Kazakhstan on December 11, 2023. This initiative is an important step in promoting high-quality joint construction of the Belt and Road Initiative between China and Kazakhstan. ICBC Kazakhstan's RMB clearing bank will leverage functions such as capital borrowing, bond issuance, securities investment, agency transactions, and financial market trading to create beneficial channels for Central Asian market participants to engage in the Chinese market, sharing the benefits of China's openness and enhancing the well-being of both countries. ICBC's RMB clearing bank serves as a major player in the Chinese-funded banking sector in Central Asia, continuously providing financial support for high-level economic and trade cooperation between the two countries.

Pakistan

The Industrial and Commercial Bank of China (ICBC) Karachi Branch inaugurated the RMB clearing bank in Pakistan on October 27, 2023. During the opening ceremony, important figures such as Pakistan's Finance Minister Akhtar and Central Bank Governor Ahmed attended and spoke. Akhtar emphasized that China and Pakistan are all-weather strategic partners and "ironclad" friends. The Belt and Road Initiative is the world's largest initiative for common development, and the China-Pakistan Economic Corridor is its iconic project. The establishment of the RMB clearing bank will facilitate cross-border trade and investment, playing an active role in promoting corridor construction and Belt and Road cooperation. This initiative contributes to the construction of the China-Pakistan Economic Corridor and the continuous contribution to economic and trade cooperation between China and Pakistan.

Laos

The Industrial and Commercial Bank of China (ICBC) Laos RMB clearing bank officially opened in Vientiane, the capital of Laos, on October 23, 2023, marking an important milestone in Sino-Lao financial cooperation. The establishment of this bank will further facilitate bilateral trade settlement in local currencies, effectively improve the quality of fund circulation, and promote deep cooperation between financial institutions of both countries in RMB fund borrowing, bond issuance, loans, and financial market transactions, achieving mutual benefit and win-win results.

The establishment of these RMB clearing banks reflects the proactive actions of China's banking industry in supporting the Belt and Road Initiative, deepening financial cooperation and exchanges with relevant countries, and providing important support and guarantees for promoting bilateral trade and investment. Through convenient RMB settlement mechanisms, these clearing banks further strengthen economic cooperation between China and relevant countries, injecting new vitality into bilateral economic development.