ICBC issues renminbi product in US
By Amy He in New York and Jiang Xueqing in Beijing | China Daily | Updated: 2016-05-24 07:12
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.
The CD, valued at 500 million yuan ($76.3 million), has a 31-day maturity and allows US borrowers to issue renminbi-denominated securities for trading and settlement purposes.
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