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.

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