According to the sources from Seoul RMB Summit Forum held on September 14, 2015 in Seoul, the capital of South Korea, Seoul Branch of Industrial and Commercial Bank of China recorded a transaction volume of RMB 451.1 billion for direct RMB-KRW trading in the first half of this year, holding the largest market share among all financial institutions in Seoul. The Branch has played a positive role in developing offshore RMB market in South Korea.

The Seoul RMB Summit Forum was jointly sponsored by ICBC and Chosun Biz. Mr. Yi Huiman, President of ICBC, Mr. Jang, Byung Wha, Senior Deputy Governor of the central bank of South Korea and Mr. Qiu Guohong, China’s ambassador to South Korea attended the Forum and delivered speeches. This is a forum of the highest level on the internalization of RMB since the official establishment of the offshore RMB market in South Korea in July last year. At the Forum, Mr. Ma Jun, Chief Economist of the Research Bureau of the People’s Bank of China and relevant business experts of the Head Office of ICBC as well as representatives from the government, regulatory authorities, major commercial banks, large financial institutions and large enterprises of South Korea shared their opinions on the theme of “New Opportunities at South Korea’s Offshore RMB Market”. They studied the new circumstances and opportunities in the market of South Korea and analyzed the importance of the financial institutions in promoting further development of South Korea’s offshore RMB market.

Mr. Yi Huiman, President of ICBC, said that ICBC has been actively practicing and promoting the internationalization of RMB. With the internationalization of RMB, the development of the China-South Korea Free Trade Area and the “ Belt and Road ” initiative, and the opening up of China’s financial market, RMB will be more frequently used in trade and investment by enterprises from both countries. ICBC is willing to work with the government, enterprises and financial counterparts of South Korea to promote the internationalization of RMB, making positive contribution to the development, prosperity and stability of South Korea’s offshore RMB market.

ICBC is one of the earliest Chinese banks entering the market of South Korea. It set up the Seoul representative office in 1993, which then developed into Seoul Branch in 1997. ICBC Seoul Branch now has more than 800 corporate customers and over 20,000 individual customers. It ranked top among the five South Korea-based Chinese-funded banks in terms of assets and profits and remained at top five among 40 foreign-invested banks in South Korea. The Branch has been the forerunner and major participant in the offshore RMB market of South Korea. Designated as one of the first market makers of direct RMB-KRW trading by the government of South Korea, it has performed its responsibilities as a market maker earnestly, actively providing liquidity in RMB for the market in South Korea.

ICBC is the largest commercial bank in the world and the Chinese financial institution with the most extensive network. It has established 399 institutions in 42 countries and regions over the world and has formed a global financial service network covering the six continents and major international financial centers. It has five RMB clearing banks designated by the People’s Bank of China in Singapore, Luxembourg, Doha, Toronto and Bangkok. Besides, it has built an uninterrupted global RMB clearing system which runs 24 hours a day and formed a developed product line of RMB deposit, loan, settlement, investment and trading.