BOC strengthens RMB global network

Leveraging its global network and integrated financial services, Bank of China has played an active role in advancing the internationalization of the renminbi, contributing to the country's high-level opening-up.

Official data showed that the total volume of cross-border RMB receipts and payments reached 70.6 trillion yuan ($10.21 trillion) last year, indicating growing willingness of overseas entities to hold and use RMB, as well as stronger demand for RMB liquidity in offshore markets.

RMB internationalization is a key mission for the high-level opening-up of China's finance sector, and also an important pillar of the dual-circulation development paradigm, said a representative from BOC.

For a long time, the bank has been committed to expanding the RMB clearing network, which is regarded as a cornerstone for RMB internationalization.

On Feb 9, the People's Bank of China authorized the London branch of BOC to serve as the RMB clearing bank in the United Kingdom, followed by the Colombo branch, which received the same authorization in March for Sri Lanka.

By March, BOC had established overseas institutions in 64 countries and regions, and worked as the PBC-designated RMB clearing bank in 18 countries and regions, according to data from BOC.

Based on the network, a full-chain RMB service system covering settlement, financing, trading and investment has been set up, and last year, BOC handled cross-border RMB clearing transactions of nearly 1,000 trillion yuan.

Such achievements would not have been possible without BOC's deep involvement in the Cross-border Interbank Payment System, or CIPS.

Launched in 2015, CIPS is a wholesale payment system specializing in RMB cross-border payment clearing. By Sept 16, 2025, the system had expanded to 189 countries and regions, and in the first half of 2025, it processed more than 4 million transactions worth 90.19 trillion yuan.

BOC announced in late March that it recently facilitated the connection of Ecobank Guinea and Swedish financial group SEB to CIPS, marking the system's debut in the two countries.

As a key region for the Belt and Road Initiative, Northern Europe has seen growing RMB demand driven by the expanding cooperation in green finance and high-end manufacturing.

BOC is now the only Chinese-funded bank in the region. Based on its efficient cross-border collaborative mechanism, the bank helped SEB open an RMB correspondent account and join the CIPS clearing network, creating a seamless link between RMB services and the Nordic financial system.

According to BOC, it is currently leading the market in terms of the number of CIPS direct participants and indirect participants, and the clearing network coverage. The bank said it will make sustained efforts to deepen collaboration with financial institutions worldwide and expand use cases for RMB in cross-border transactions.

Cross-border payment

During the 21st meeting of the China-Singapore Joint Council for Bilateral Cooperation held in December, the two countries signed a total of 27 memoranda of understanding and agreements to enhance bilateral connectivity and collaboration, including a digital RMB pilot program in Singapore.

As one of the first authorized operators, BOC completed a top-up test for the digital RMB in Singapore on Dec 24.

Now Singapore residents can participate in the pilot program by registering for a digital RMB wallet with local mobile phone numbers and topping up the wallet through BOC's application. When traveling in China, they will be able to make in-store payments with the wallet.

Supported by the PBC and the Bank of the Lao PDR, BOC has completed Laos' first cross-border QR code consumption payment transaction using digital RMB wallets.

The service has lowered the threshold for cross-border settlements between China and Laos, enabling an integrated "payment-exchange-clearing" process, bringing a new payment experience to people in both countries, according to BOC.

Instead of exchanging foreign currency, Chinese tourists can now simply use the e-CNY app to scan the QR code of local businesses in Laos and make payments directly in RMB at the real-time exchange rate.

Meanwhile, merchants from Laos can receive automatic settlements without the need to upgrade payment terminals.

Based on this milestone, BOC will continue to strengthen financial connectivity between the two countries, offer their people easier, safer and more affordable cross-border payment options and advance the integrated development of the China-ASEAN payment system.

In terms of cross-border financing, BOC opened a new channel in February, as its London branch disbursed a loan of 500 million yuan to an energy company's overseas subsidiary through the RMB Business Facility of Hong Kong.

The transaction was completed in partnership with Bank of China (Hong Kong), marking the first time that funds from the RBF channel have been used for loans abroad.

Compared with ordinary RMB loans, funds from the RBF offer advantages such as lower interest rates and more stable funding supply, a staff member from BOC said.

Panda bonds

As a pioneer in the panda bond market, BOC achieved an underwriting volume of nearly 38 billion yuan in 2025, maintaining its top position for 12 consecutive years.

By early October 2025, BOC had helped more than 70 overseas institutions issue nearly 300 panda bonds, with a total value of 585.6 billion yuan.

With the assistance of BOC, Hungary launched panda bonds of 5 billion yuan in China's interbank market in July 2025, which was the largest single sovereign panda bond at that time.

This year, the bank assisted BNP Paribas in its first panda bond offering, along with the issuance of 3 billion yuan from Malaysia's CIMB Bank and the issuance of 5.5 billion yuan from Germany's Deutsche Bank.

This was CIMB Bank's second panda bond issuance and the bank has become Malaysia's largest panda bond issuer in terms of total volume, demonstrating BOC's commitment to the Malaysian market and local development.

In addition to financial institutions, many multinational companies made their debut in the panda bond market with BOC's support, including CLP Group, Mercedes-Benz, BMW Group, BASF, Bayer and Henkel.

In March, Hong Kong-funded CLP Power China issued a three-year green panda bond of 1 billion yuan, which was the latest achievement by BOC in the green finance sector.

The net proceeds will be dedicated to photovoltaic and wind power projects that are qualified for new energy financing transactions, thereby fostering the development of the clean energy sector, said representatives from BOC.

Since 2019, the bank, as the lead underwriter, has participated in all 15 panda bond issuances by BMW Group. The bonds, totaling 48.5 billion yuan, injected strong momentum into the company's growth in China.

BOC said it has long been serving as a vital bridge between China's bond market and international issuers, and it will leverage its global network and expertise to provide the issuers with more efficient and accessible financial services, enhancing the quality and influence of China's bond market.