The Industrial and Commercial Bank of China in Brazil announced the success of its first international renminbi settlement transaction, marking a significant step forward for the bank’s international RMB business in the Brazilian market.

In February, the People’s Bank of China authorized ICBC Brasil as the RMB clearing bank in Brazil. In the transaction, ICBC Brazil supported both parties in settling the transaction directly in Chinese currency, demonstrating significant advantages in terms of clearing efficiency, exchange costs and security of funds and information flows.

The director of ICBC Brazil stated that the bank will continue to build on its advantages as an RMB clearing bank in Brazil and will strive to provide convenient, efficient and secure cross-border RMB settlement services to companies in both countries.

The successful RMB cross-border settlement transaction indicates that Chinese and Brazilian companies now have more currency options to trade, thus increasing the proportion of RMB in trade and investment between China and Brazil.

(Source: Brasil247)