FLASHNEWS:

OICCI and ICBC Pakistan held Webinar on RMB: Development, Infrastructure and Products

Karachi, June 29, 2022 (PPI-OT):OICCI in collaboration with ICBC Pakistan, arranged a webinar on RMB: Development, Infrastructure and Products, with an objective to facilitate local markets understanding and utilization of RMB, and the products offered by ICBC Pakistan in this regard as since March 1, 2022, People’s Bank of China allowed Chinese Commercial Banks in China directly lend to overseas entities. M Abdul Aleem CE / Secretary general OICCI, in his opening address, welcomed the participants and appreciated the ICBC engagement with leading investors on this important matter which is going to be useful for investors.

Mr. Sohaib, Co-head of Treasury department, Ms. Michael, Head of Corporate Business Department, and Mr. Robert, Head of Banking Department informed audience about the RMB development and prospective, opportunity for infrastructure building and new RMB products in Pakistan. Mr. Chen Yuncheng, the CEO of ICBC Karachi Branch, speaking at the event, emphasized the necessity of cross-border RMB business promotion and benefits to use RMB as one of the currencies for trade and investment. ICBC, the largest commercial bank in the world, is providing financial services in Pakistan for over 10 years. The Bank put CIPS (cross-border interbank RMB payment system) into operation in 2021.

The participants appreciated that increasing use of RMB products will facilitate trade and investment with Chinese counter parties as it is relatively stable in value, convenient in clearing and low in cost. They thanked OICCI and ICBC for the informative session.

For more information, contact:
Overseas Investors Chamber of Commerce and Industry (OICCI)
Chamber of Commerce Building, Talpur Road, P.O. Box 4833,
Karachi – 74000, Pakistan
Tel: +92-21-32410814-5
Fax: +92-21-32427315
Email: info@oicci.org
Website: http://oicci.org/