Xinhua News Agency, Istanbul, November 18 (Reporter Xu Wanhu) Industrial and Commercial Bank of China Türkiye RMB Clearing Bank held its opening ceremony in Türkiye on November 17, marking the official launch of Turkish RMB clearing bank business. This move will help upgrade bilateral economic, trade, and financial cooperation, and promote the facilitation of trade and investment between the two countries.

On November 17, in Istanbul, Türkiye, Chinese and Turkish guests unveiled the opening ceremony of ICBC Türkiye RMB Clearing Bank. Photo by Xinhua News Agency reporter Liu Lei

In her video speech at the opening ceremony, Tao Ling, Vice Governor of the People's Bank of China, said that the use of the renminbi can provide a reliable new option for global trade and investment and financing activities. In the future, we will adhere to marketization, rule of law, and internationalization, continue to expand the opening of China's financial market, and improve policy transparency, stability, and predictability.

Liao Lin, Chairman of ICBC, said that ICBC would work hard to build a "highway" for the use of RMB in both countries, continue to enrich the offshore cross-border application scenarios, provide safe, efficient and convenient RMB services in all fields, promote trade and investment facilitation, and strengthen in-depth cooperation with local banks, policy institutions and Chinese funded financial institutions in Türkiye to jointly create an open, mutually beneficial and win-win ecosystem for the use of RMB.

On November 17, Osman Chelik, Deputy Minister of Finance of Türkiye, delivered a speech at the opening ceremony of ICBC Türkiye RMB Clearing Bank in Istanbul. Photo by Xinhua News Agency reporter Liu Lei

Jiang Xuebin, Chinese Ambassador to Türkiye, Wei Xiaodong, Chinese Consul General in Istanbul, and Dong Junfeng, Chairman of China UnionPay also attended the opening ceremony. Jiang Xuebin said that the establishment of Türkiye's RMB clearing bank is a "milestone" of China Turkey financial cooperation, which will further facilitate the use of RMB in local settlement, financing, trading and other scenarios, promote bilateral economic and trade exchanges and financial connectivity to a higher level, and create more tangible benefits for enterprises of the two countries.

Osman Cherik, Deputy Minister of Finance of Türkiye, said that the RMB clearing bank will create new business opportunities for Türkiye's business community while reducing trade risks and transaction costs. In the future, new opportunities will emerge in trade, investment, and long-term financing cooperation between Turkey and China. Fatih Karahan, governor of the Central Bank of Türkiye, said that the RMB clearing business will further facilitate the access to RMB financing and payment in Türkiye, promote local currency settlement cooperation, and improve the cross-border use of RMB and lira.

On November 17, Fatih Karahan, governor of the Central Bank of Türkiye, delivered a speech at the opening ceremony of ICBC Türkiye RMB Clearing Bank in Istanbul. Photo by Xinhua News Agency reporter Liu Lei

Nearly 400 representatives from Chinese financial institutions and the political and business sectors attended the opening ceremony. On the same day, ICBC and UnionPay also issued UnionPay multi currency debit cards and dual currency credit cards for the first time in Türkiye.

China Türkiye's economic, trade and investment cooperation has continued to deepen in recent years, and China has become Turkey's largest trading partner in Asia. In July this year, the People's Bank of China decided to authorize Industrial and Commercial Bank of China (Türkiye) Co., Ltd. to act as Türkiye's RMB clearing bank.

Editor: Tang Yun