Banking

 ICBC issues renminbi product in United States

Jiang Jianqing - Former CEO of ICBC

China's State-owned commercial lenders have made strong progress in promoting renminbi internationalization, with the currency falling 5.6 percent against the US dollar in the past year.

Industrial and Commercial Bank of China Ltd has issued its first renminbi-denominated certificate of deposit, allowing institutions to issue and clear financial products denominated in the Chinese currency in the US.

UBS (China) Ltd, UBS AG's locally incorporated and wholly foreign-owned bank, has announced the opening of its Shanghai branch, which will focus on wealth preservation and succession planning services.

The branch is located in the Xintiandi neighborhood, home to a community of high-net-worth and ultra-high-net-worth individuals.

Amy Lo, head of UBS wealth management for China, said there has been a shift in customer demand in the past few years, with more focus now on family needs.

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

Mid-sized commercial lender Ping An Bank Co Ltd will deepen reforms by developing a system of business units based on different sectors, products and client segments in the next three years.

Headquartered in Shenzhen, Guangdong province, the bank will push forward transformation at branches to provide differentiated services.

The transformation will put the management ability of the bank's head office under great challenges, its President Shao Ping told a news conference on Thursday.

CNY EUR Direct trade

China's central bank said on 29th Sep 2014 the Chinese currency - CNY - can be traded directly against the euro in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and the European Union.

The move, which starts on Monday, will help to lower foreign exchange conversion costs while promoting the usage of both the Yuan (CNY) and euro in bilateral trade and investment, the People's Bank of China (PBOC) said in a statement on its website.