ICBC launches 1 trillion yuan quota for cross-border RMB financing

China

ICBC launches 1 trillion yuan quota for cross-border RMB financing

2026-04-04 17:39 Last Updated At：23:47

The Industrial and Commercial Bank of China (ICBC) on Monday unveiled a comprehensive cross-border renminbi financial solution, with a special financing quota of 1 trillion yuan to facilitate the RMB use in international trade and investment.

Under the plan, ICBC will establish the 1-trillion-yuan quota and introduce 10 major service systems, including global account opening, cross-border trade settlement, industrial investment and global cash management.

The package will provide qualified domestic and overseas enterprises and institutions with cross-border RMB financing support, with a focus on fostering new quality productive forces, digital trade and Chinese companies expanding abroad.

"While focusing on renminbi, we will deeply integrate resources across local and foreign currencies, domestic and overseas markets, and online and offline channels, so that the RMB's 'circle of friends' will continue to grow, with the foundation for cooperation continuously consolidated. Meanwhile, we will further promote innovative applications of the central bank's mBridge and cross-border QR code payments, improve digital and intelligent cross-border RMB services, and make fund flows safer and more efficient in order to help enterprises address problems in cross-border payment collection," said Liao Lin, ICBC's Chairman while addressing the launch ceremony.

The People's Bank of China (PBOC), the country's central bank, said China's cross-border RMB policies have continued to improve, and enterprises have made new progress in using the RMB for cross-border transactions, with the currency becoming an important payment and settlement tool for Chinese companies going global.

"In 2025, China's commercial banks handled 71 trillion yuan (about 10.32 trillion U.S. dollars) in cross-border RMB collection and payments on behalf of clients, up 10 percent year on year, with the RMB settlement in goods trade accounting for one-third. Moving forward, the central bank will continue to expand the use of the RMB in international trade and investment and financing, steadily develop the offshore RMB market, increase the supply of RMB-denominated assets, and further enhance the level of opening-up under the capital account," said PBOC Deputy Governor Tao Ling.

Escalating Middle East conflict strains India’s fertilizer supply

Farmers in India, a major agricultural producer and fertilizer importer, are raising concerns over fertilizer availability ahead of the planting season, as the escalating Middle East conflict and disruptions to shipping through the Strait of Hormuz put global supplies at risk.

The Middle East serves as both a vital energy hub and a major global fertilizer supplier, yet the ongoing U.S.-Israeli war with Iran has heightened risks of disruption to international supplies.

Chand Singh Yadav, a farmer in Haryana, a northern Indian state, said poor crop yields would be disastrous for the country and called on the government to ensure adequate supplies of fertilizers, agrochemicals and seeds to prevent a food crisis. "Without fertilizers, our crops will not grow well, and this would be disastrous for the entire country. If farmers cannot grow crops, people will not be able to buy food in the market. We urge the government to improve the supply system for fertilizers, agrochemicals and seeds to prevent the country and society as a whole from sliding into a food crisis," he said.

The Indian government is stepping up subsidies for farmers and optimizing fertilizer distribution and allocation to stabilize the supply. Prices have remained broadly stable, but demand is expected to surge ahead of the planting season, potentially exacerbating supply pressures.

"The current situation is worrying for us farmers. Spring sowing has not yet started, and the rainy season has not arrived. Fertilizer prices are temporarily stable, but in two months, demand for agricultural fertilizers will become pressing. Without fertilizers, it will be difficult to properly cultivate various types of crops. Urea and diammonium phosphate are especially critical. Crops can only grow normally when these fertilizers are applied. As these fertilizers are largely imported, if the conflict persists, supplies cannot be guaranteed," said Santosh Mishra, a farmer in India's eastern state of Odisha.