On June 23, at the fourth China International Supply Chain Expo (CISCE), the Beijing Branch of Cross-border Interbank Payment Clearing Co., Ltd. (hereinafter referred to as "CIPS Beijing Branch") and the Beijing Branch of the Industrial and Commercial Bank of China (hereinafter referred to as "ICBC Beijing Branch") signed the "Memorandum of Cooperation on Advancing Cross-Border RMB Development" (hereinafter referred to as the "Memorandum"). Representatives from nearly 20 enterprises witnessed the signing. ICBC Beijing Branch is the first banking institution to establish a strategic partnership with CIPS Beijing Branch in the field of cross-border RMB business.

At the signing ceremony, ICBC Beijing Branch stated that it would take the signing of the Memorandum as an opportunity to prioritise the use of local currencies under the overall guidance of the People's Bank of China and with supporting services provided through the CIPS platform. It will fully leverage ICBC Group's global network and financial technology capabilities to provide market participants with higher-quality, comprehensive cross-border RMB financial services.

CIPS Beijing Branch noted that, following 11 years of development, CIPS had 194 direct participants and 1,597 indirect participants across 126 countries and regions as of the end of the first quarter of 2026. Its services reached 191 countries and regions through more than 5,100 banking institutions incorporated as legal entities worldwide. Going forward, CIPS Beijing Branch will work with ICBC Beijing Branch under the leadership of the People's Bank of China. Based on the actual needs of the Beijing market, the two parties will promote cross-border RMB services among corporate clients and jointly support local financial and economic development.

The signing of the Memorandum marks a new stage in the in-depth cooperation between CIPS Beijing Branch and ICBC Beijing Branch in the field of cross-border RMB business. Looking ahead, the two parties will uphold the principles of mutual benefit, long-term cooperation and shared development. They will fully leverage their respective expertise in cross-border finance and payment and clearing, further complement each other's resources, and work together on information sharing, joint promotional activities and business development. They will continue to expand the use cases for cross-border RMB business in Beijing, provide enterprises with more efficient, convenient and secure cross-border financial services, and jointly promote the high-quality development of cross-border RMB business in the region.