QRC'S DEDICATION PAYING OFF
Qatar Remninbi Centre (QRC) celebrated its first anniversary and announced several new participating banks.
In one year since its inauguration in 2015, the QRC has established itself as the third largest currency clearing facility operated by the Industrial & Commercial Bank of China (ICBC), handling more than RMB 303 billion (US$ 47 billion) worth of transactions. Robin Wei, QRC Head of RMB business, encourages more banks to join the QRC: “We work hand in hand with financial institutions to help them develop their RMB portfolio and trade directly in RMB simpler and faster. Local investors have shown a strong appetite for RMB financial products and remain confident in the China market over the long term. The QRC is open to all local and regional banks to help them seize future opportunities arising from China's economic opportunities”. Qatar National Bank, Commercial Bank of Qatar, Qatar Islamic Bank, International Bank of Qatar and Saudi Hollandi Bank have RMB accounts open with ICBC and are able to offer an expanded portfolio of RMBdenominated products and transactions to their customers.