ICBC Pakistan recently celebrated ten years of facilitating the use of the Chinese Renminbi (RMB) in Pakistan, marking a significant milestone in the evolution of the country’s cross-border financial ecosystem. Over the past decade, the bank has played a central role in enabling smoother trade settlements with China and expanding the adoption of RMB in regional financial markets.
The journey began in 2015 when the State Bank of Pakistan (SBP) granted ICBC the authority to operate as an RMB clearing institution. This designation allowed the bank to streamline Pakistan–China transactions and offered businesses a more efficient alternative for settling cross-border payments. ICBC’s role as a clearing bank gained further prominence in 2022 when the People’s Bank of China (PBOC) formally approved the institution as the primary entity responsible for RMB clearing operations in Pakistan. This positioned ICBC Pakistan at the center of financial connectivity between the two countries.
An event marking the milestone gathered senior officials from Pakistan’s financial sector, regulators, and representatives of Chinese institutions. Discussions during the gathering focused on the growing adoption of RMB in trade and investment and explored future opportunities to enhance Pakistan’s financial infrastructure.
ICBC Pakistan CEO Zhou Bo highlighted the bank’s decade-long partnership with Pakistan and reaffirmed its commitment to providing innovative financial solutions that strengthen bilateral economic ties. He acknowledged the support of regulators, clients, and stakeholders, emphasizing the importance of collaboration in advancing RMB-based trade and investment in the country.
The event featured notable Chinese dignitaries, including PBOC Director-General Zhou Yongkun, ICBC Senior Executive Vice President Zhang Weiwu, and Chinese Consul General in Karachi Yang Yundong, reflecting China’s sustained focus on deepening financial cooperation with Pakistan. Their participation underscored the strategic nature of RMB internationalisation in fostering regional trade.
A comprehensive overview of the RMB market and Pakistan-specific priorities was presented by ICBC Pakistan Director of Treasury & FI, Zhao Yifei. He highlighted the rising global profile of the RMB and outlined ICBC’s roadmap for expanding its use in trade, investment channels, and market infrastructure development within Pakistan.
Former SBP Governor Yaseen Anwar noted the evolving landscape of Pakistan’s financial sector and emphasized the strategic potential of the RMB as a settlement currency. He praised ICBC’s role in introducing international banking standards and practices, which have contributed to strengthening the overall resilience of Pakistan’s banking ecosystem.
SBP Executive Director for Financial Markets & Reserve Management, Muhammad Ali Malik, echoed these remarks, emphasizing the central bank’s objectives of enhancing currency diversification, promoting market stability, and integrating Pakistan further into global financial systems.
The event concluded with recognition for the institutions and individuals who have contributed to the growth of RMB internationalisation in Pakistan. Participants highlighted that the groundwork laid over the past decade provides a strong foundation for future collaboration, market expansion, and deeper financial integration between Pakistan and China.
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