Page 79 - Annual Report 2016 EN

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Qatar Renminbi Centre: RMB 580 billion
transactions to date

The Qatar Renminbi Centre was launched in 2015 under the
patronage of His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa
Al-Thani, Prime Minister of Qatar and Minister of Interior. The Qatar
Renminbi Centre opens the door to China’s onshore RMB and
foreign exchange markets to local financial institutions, fostering
cross-border use of the currency in Qatar and the Arab world.

The Industrial and Commercial Bank of China (ICBC) is the clearing
bank for the Qatar Renminbi Centre, which has already established
itself as the third largest currency clearing service operated by the
bank, handling more than RMB 580 billion (USD 84 billion) in trans-
actions by 31 December 2016.
On 15 November 2016, ICBC presented a symposium on the Qatar
Renminbi Centre at the “Made in China” 2016 Exhibition in Doha
launched by the Qatar Chamber of Commerce and co-organised
with the China International Center for Economic and Technical
Exchanges. The Regulatory Authority was involved in the devel-
opment of the symposium, which was designed to inform Qatari
businesses of the benefits of doing business with China via the RMB
settlement services provided through the Qatar Renminbi Centre.

Ms Wang Hailu, Deputy General
Manager of the Global Market
Department, ICBC China, was the
featured speaker at the Qatar Ren-
minbi Centre symposium