On March 23, 2015 (local time), ICBC Subsidiary in Canada announced to launch RMB clearing service in Toronto, making it the first RMB clearing bank put into operation in North America. So far, the Bank has officially built a 24-hour RMB clearing system on the global scale. Earlier, the People's Bank of China officially authorized ICBC (Canada) to act as a RMB clearing bank on November 9, 2014.

At the launching ceremony on March 23, Executive Vice President Gu Shu said that ICBC will continue to leverage its leading advantage in RMB business, keep close communication with the Chinese and Canadian governments, fulfill the responsibilities and obligations of the RMB Clearing Bank under the guidance of monetary regulators of the two countries, and provide secure, high-quality, fast and convenient RMB clearing services to participating banks to contribute to the prosperity of the local financial market.

ICBC will make full use of Canada's geographical and multi-time zone advantages to provide global customers with efficient RMB clearing service, and authorize ICBC (Canada) to offer RMB clearing service during the closed period of the Head Office and Singapore Branch. Meanwhile, ICBC (Canada) will also set up special RMB clearing teams in Toronto and Vancouver to allow its institution in Vancouver to offer additional three-hour RMB clearing service after the market closes in Toronto, so that a non-stop RMB clearing system can be established globally.

Both located along the Pacific coast, China and Canada are large trade countries with strong economic complementarities and huge potential for cooperation. In recent years, as high-level visits between the two countries become frequent, the bilateral trade and investment have seen strong development, boosting economic growth. As a member of G7 Group, Canada has strong momentum in economic development. At present, China is Canada's second biggest trade partner, second largest export market, and second largest source of imports. China-Canada Foreign Investment Protection Agreement (FIPA), coming into force from October 1, 2014, will further promote two-way investment, deepen economic and trade cooperation, and advance strategic partnership to a new level.

As the biggest RMB bank worldwide, ICBC sees its total RMB assets and settlement volume stand firmly atop the world. It is also the first Chinese bank realizing centralized and unified processing of domestic and overseas businesses. It has the ability to provide customers with efficient and convenient financial service including cross-border RMB settlement and clearing, and investment and financing. By the end of 2014, the number of the Bank’s overseas institutions had reached 338 in 41 countries and regions. Since the launch of the pilot cross-border RMB business in 2009, ICBC’s cross-border RMB business volume exceeded RMB 8 trillion in total with a cross-border RMB clearing network covering 75 countries and territories. ICBC (Canada) has been committed to extending the Bank’s advantages in RMB business to Canada and then to the whole American region, and built a cross-border RMB business operating platform with multiple channels, extensive products and efficient operations. The RMB business line covers personal, corporate and institutional customers and can offer a series of RMB services including RMB exchange, RMB document/letter of guarantee, RMB deposit and remittance, RMB trade financing, offshore market borrowing, and RMB foreign exchange settlement and sale, making it one of the local banks with the most comprehensive RMB service.