The Bank of Communications of China and the Industrial and Commercial Bank of China (ICBC) jointly granted the first cross-border commercial loan in renminbi (RMB) to the Brazilian market, for a total value of 1.3 billion RMB ($117 .6 million).

The beneficiary company was the São Simão Hydroelectric Plant, controlled by the State Power Investment Corporation of Brazil (SIPC Brasil), which received 1 billion yuan (US$136.6 million) from the Bank of Communications of China and 300 million yuan ($41 million) from ICBC, with a maturity of 3 years.

Within the context of signing a memorandum of cooperation between the two governments on RMB clearing and promoting local currency cooperation, the first transaction of this RMB cross-border commercial loan business has multiple importance.

(Source: XINHUA Português)