ICBC Launches Türkiye’s First RMB Clearing Bank in Istanbul
By Bosphorus News ·
China’s Industrial and Commercial Bank of China (ICBC) has taken a major step in Sino‑Turkish financial integration by launching Türkiye’s first RMB (renminbi) clearing bank in Istanbul. The clearing bank, operated by ICBC Turkey, was inaugurated during a ceremony attended by high-level figures from both countries.
The decision to establish this clearing center is rooted in a memorandum of understanding (MoU) signed earlier between the People’s Bank of China and the Central Bank of Türkiye. That deal, first struck in June, was part of a broader framework to increase the use of local currencies in trade and investment settlements.
At the opening ceremony, Deputy Treasury and Finance Minister Osman Çelik emphasized the strategic importance of the project for Türkiye, suggesting that it marks “a new page” in the long-term economic partnership with China. For its part, the People’s Bank of China, via Tao Ling (deputy governor), reiterated that expanded RMB use offers a reliable alternative for global trade and financing.
ICBC has ambitious goals for this new institution. According to ICBC Chairman Liao Lin, the bank aims to create a “high-speed corridor” for RMB transactions between China and Türkiye. This corridor would support everything from cross-border payments to financing, bond issuance, and lending in RMB.
China’s Ambassador to Türkiye, Jiang Xuebin, called the launch a “milestone” in bilateral financial cooperation, noting that local businesses will benefit materially from smoother access to RMB for trade and investment.
From the Turkish side, Central Bank Governor Fatih Karahan said the move is strategically significant: settling trade in local currencies helps reduce forex risk, improves pricing stability, and strengthens financial integration. He also indicated that Turkish firms already use RMB under the existing swap agreement, and that the clearing bank will make access to RMB channels even more seamless.
In parallel with the clearing bank’s launch, ICBC and UnionPay introduced Türkiye’s first multi-currency UnionPay debit card and a dual-currency credit card, facilitating cross‑border payments and retail services in RMB and more.