On July 6, 2009, the cross-border Renminbi trade settlement was ofcially launched, and Renminbi became a settlement currency in international trade from a denomination currency, which ushered in the new development of international trade and financial services in China. The cross-border Renminbi business is conducive to enhanc-ing international economy, trade and investment, improving China's ability to allocate the financial resources in the international market, and also conducive to enterprises in avoiding exchange rate risks, improving the trade conditions and maintaining the steady growth of international trade.
As a successor of centurial Chinese financial brand and a pioneer in China's financial system reform, BOCOM has been actively following the government policies, taking the promotion of cross-border Renminbi business as its important historical mission, implementing its strategy to "become a first class listed universal banking group focusing on international expansion and specializing in wealth management", steadfastly promoting the innovation of the system, the process and the products, and it has ranked the first in a number of fields and businesses. In 2009, it first piloted the cross-border trade Renminbi settlement and secured the advantages of being a pioneer; in 2010, BOCOM became the first bank to offer the bilateral exchange between Renminbi and the new Taiwan dollar, which facilitated the cross-Strait economic and trade relations; in 2011, it independently developed its cross-border Renminbi clearing processing system, which met and supported the requirements for international clearing in Renminbi; in 2012, it first independently developed the cross-border Renminbi payment information reporting platform and achieved the timely, accurate and complete reporting of the Renminbi cross-border payment information, and it addition-ally injected the working capital to its Frankfurt Branch directly in Renminbi, which was the first cross-border Renminbi injection by a Chinese financial institution; in 2013, it completed the first Renminbi overseas borrowing, the first aircraft financing and the first ship operation leasing in SPFTZ, which served as a good beginning of the financial support for the development of SPFTZ; in 2014, BOCOM Seoul Branch has been authorized by China's central bank as the clearing bank for renminbi businesses in Seoul. Now, BOCOM's cross-border Renminbi business has become a strategic product reputable in the industry, trusted by clients and constantly taking the lead in the market.
BOCOM has been always committed to providing "client-oriented"products and services. Since the launching of the cross-border Renminbi business, BOCOM has been always sticking to the philosophy of "establishing long-term and stable cooperation relationships with clients", committed to providing clients with cross-border Renminbi financial products and services with more essence and better experience. It has gradually established the system of cross-border Renminbi financial services and products to meet the market demands and clients' needs, and has built the cross-border Renminbi service brand "RongYuanTong". Based on the needs of diferent types of clients and its overseas operating institutions, BOCOM fully taps its advantages in comprehensive operation: making use of the synergies of a comprehensive financial platform covering insurance, securities, leasing, trust and funds; providing a full range of cross-border and overseas Renminbi products ranging from settlement, financing, credit and capital to debentures, wealth management and investment; and fully and efciently meeting clients' integrated domestic and overseas financial needs for settlement, foreign exchange settlement and sales, trade financing, credit, wealth management, financial markets and investment banking. Such actions efectively facilitated enterprises' trading and investment.
With the increasingly widening scope of the cross-border use of Renminbi, BOCOM will actively seize the market opportunities, stick to the innovative, transformative and cross-border development, nurture its advantages in diferentiated competition, play the leading role in the cross-border use of Renminbi, and provide clients with more comprehensive and more quality cross-border financial products and services in Renminbi.