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

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.

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

China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.

In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.

"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.

This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.

By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.

China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.

The minister said that China has always been a firm supporter and an important contributor to APEC.

"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.

China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting