Since the launch of the pilot program of cross-border RMB settlement in July 2009, Bank of China has seen rapid development of cross-border RMB settlement by making full use of the group's overall advantages and enhancing collaboration of domestic and overseas branches.
As of the end of May 2011, the bank's cross-border RMB settlement transaction volume had remained the market-leading position with more than RMB 1 trillion. More specifically, its domestic branches' transaction volume exceeded RMB 430 billion, with the market share surpassing 30%; while the transaction volume of the overseas branches was more than RMB 620 billion, still leading the overseas market.
According to statistics, the bank's domestic branches already handled tens of thousands of transactions of cross-border RMB settlement for thousands of customers in various industries including electrical engineering, communication equipment, electronic products, transportation and communication, chemical engineering, manufacturing and wholesale & retail, serving customers in more than 100 countries and regions.
To date, the bank has opened over 400 RMB cross-border clearing accounts for overseas participating banks in Asia, Europe, America, Oceania and Africa and has achieved the leading position with the worldwide clearing network basically established.
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