Concluded the First Interbank CAD-RMB Direct Transaction
On November 14th, with the authorization of People's Bank of China, the direct trading between RMB against CAD has been launched to China Foreign Exchange Trading System ("CFETS") officially. Industrial and Commercial Bank of China ("the Bank") has been approved as one of the first market makers for direct trading of CAD/RMB. At the same day, the Bank concluded the first spot transaction of CAD/RMB in the interbank market when the market opened.
With the increasing trade activities and cultural communication between China and Canada, RMB is increasingly used and accepted by local financial institutions, enterprises and individuals in Canada in financial activities such as trade, investment, settlement and wealth management. The direct trade of CAD/RMB will not only reduce exchange cost, simplify procedure, boost bilateral trade and investment, but also further drive RMB's internationalization.
Industrial and Commercial Bank of China is the only Chinese commercial bank with the market maker qualification for all directly trading currencies in the interbank foreign exchange market. So far, the Bank provides quotes to 15 directly traded currencies such as CAD, EUR, JPY, GBP, AUD, NZD, SGD, CHF, RUB,MYR and etc with a full range of business covering.
As a market maker in interbank foreign exchange market, the Bank has been maintaining the leading position for many years and has been awarded as the "Best Comprehensive Market Maker Institution" by CFETS for the fourth consecutive year. In order to provide better global foreign exchange trading service, the Bank has been focusing on the business innovation of foreign exchange trading and risk management in recent years, and continuously elevating the competitiveness and market influence of its foreign exchange business.
As the RMB clearing bank in Canada, so far, Industrial and Commercial Bank of China (Canada) is the only commercial bank member in Americas region approved by China interbank foreign exchange market. Hence, we offer both offshore RMB foreign exchange and eligible Cross-Border RMB business. Specifically, we provide a wide range of multichannel RMB business solutions and more integrated RMB services to customers.