ICBC Brazil Handles the First Cross-Border RMB Settlement Business, Marking New Progress in Dedollarisation Process

It is learned from Industrial and Commercial Bank of China (Brazil) Co., Ltd. (hereinafter referred to as "ICBC Brazil") that ICBC Brazil has successfully handled the first cross-border RMB settlement business, marking that the bank has made substantial progress in cross-border RMB business in the Brazilian market.

ICBC Has the Biggest Number of RMB Clearing Banks in South America

The person in charge of ICBC Brazil said that the bank will continue to actively leverage the advantages of Brazil's RMB clearing bank in the future, and strive to provide convenient, efficient and safe cross-border RMB settlement services for enterprises of the two countries, so as to promote China-Brazil economic and trade cooperation to a new level.

China and Brazil signed a cooperation memorandum of understanding to establish a RMB clearing arrangement in Brazil earlier this year. On February 23, the People's Bank of China issued an announcement authorizing ICBC Brazil to act as the RMB clearing bank in Brazil.