The first renminbi (RMB) clearing bank in Turkey, operated by the Turkish branch of the Industrial and Commercial Bank of China (ICBC Türkiye), was officially inaugurated in Istanbul. This marks a new milestone in financial cooperation between China and Turkey, further promoting the use of local currencies in bilateral trade and investment.
Nearly 400 representatives from Chinese and Turkish financial institutions, government agencies, and the business community attended the inauguration ceremony.
The launch follows the decision by the People's Bank of China, the country's central bank, to authorize ICBC Türkiye as Turkey's RMB clearing bank.
Chinese Ambassador to Turkey Jiang Xuebin described the establishment of the clearing bank as a "milestone" in bilateral financial cooperation, stating it will further facilitate the use of the RMB in settlements, financing, and local trade, bringing tangible benefits to businesses in both countries.
Turkish Vice Minister of Treasury and Finance Osman Celik affirmed that the launch is not only an initiative of financial cooperation but also a new chapter in the long-standing relationship between the two countries. He pointed out that the RMB clearing bank will help reduce trade risks and transaction costs while fostering opportunities in trade, investment, and long-term financing.
Governor of the Central Bank of Turkey Fatih Karahan described the launch as "strategically important," noting that using local currencies in international trade helps mitigate exchange rate risks, improve price predictability, and strengthen financial integration between countries.
ICBC President Liao Lin stated that the bank aims to build a "high-speed corridor" for the use of the RMB between China and Turkey.
In early June, both central banks renewed a bilateral currency swap agreement worth 35 billion yuan (approximately $4.9 billion USD).
