KARACHI: ICBC Pakistan and Overseas Investors Chamber of Commerce and Industry jointly held a webinar on the subject RMB: Development, Infrastructure and Products.
The webinar was aimed at facilitating local markets understanding and utilization of RMB, and further in the light of some interest in a new circular by PBC (People’s Bank of China), effective from March 1, 2022, to allow Chinese Commercial banks in China directly lend RMB to overseas entities. Renminbi (RMB, also known as Chinese Yuan) has become the most effective currency in hedging exchange rate risk, said OICCI release on Tuesday.
Senior management from OICCI members attended this important event. Secretary General OICCI, Abdul Aleem appreciated the ICBC engagement with leading investors on this important matter which was going to be useful for investors understanding about the RMB development and prospective, opportunity for infrastructure building and new RMB products in Pakistan.
ICBC, the largest commercial bank in the world, was providing financial services in Pakistan for over 10 years.
In the light of new developments, the webinar provided OICCI members an opportunity to learn about new opportunity in financing.
CEO of ICBC Karachi Branch, Chen Yuncheng, speaking at the event, highlighted the efforts made by ICBC Pakistan to create awareness and understanding of RMB among business community in Pakistan and emphasized the necessity of cross-border RMB business promotion and benefits to use RMB as one of the currencies for trade and investment.
Speakers for the session from ICBC Pakistan specifically talked about RMB development and perspective, RMB infrastructure building in Pakistan, and RMB business and products in Pakistan. 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. RMB usage can also decrease the exchange rate risk among investment and trade activities.