ICBC sign largest project of cross-border RMB loan
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E-mail China.org.cn, July 20, 2015
To deepen the financial cooperation between China's Guangdong, Hong Kong and Macao and realize cross-border investment facilitation, the Guangzhou Branch of the People's Bank of China issued the Provisional Regulations of Cross-border RMB Loan Pilot Management program in Nansha and Hengqin on July 13, and officially launched the cross-border RMB loan service.
The Hengqin Branch of Industrial and Commercial Bank of China (ICBC) gives full play to its offshore subsidiary's integrated business advantage and cooperates with ICBC Macao. Recently it successfully provided a cross-border RMB loan of 100 million （US$16.1 million）for Zhuhai Chimelong Investment and Development Co., Ltd. that is the largest contracted project money loan to date. This is a great financial support for the development of Chimelong Ocean Kingdom.
Since the ICBC Hengqin Branch was set up on April 23, 2015, it has thrown its full weight behind
Hengqin's construction and participated in the innovative design and arrangement of various financial supporting services.
With the release of the cross-border RMB pilot loan policy, ICBC will actively explore overseas funding sources and commit itself to innovation. In the future, the cross-border RMB loan will become a normal financial service offering support to Hengqin's construction.
The cross-border RMB loans, with the aid of overseas RMB deposit funds, will help enterprises to broaden their financing channels and reduce financing costs. Therefore, RMB internationalization is of great significance to the development of the nation and its enterprises.
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