ICBC(SH:601398) Xin Hua Wang·2025-11-18 08:25Core Viewpoint - The establishment of the Renminbi clearing bank in Turkey marks the official launch of Renminbi clearing services, enhancing bilateral trade and financial cooperation between China and Turkey [1][2]. Group 1: Financial Cooperation - The Renminbi clearing bank will facilitate the use of Renminbi in local settlements, financing, and transactions, promoting higher levels of economic and financial connectivity between the two countries [1][2]. - The People's Bank of China emphasizes that the use of Renminbi provides a reliable new option for global trade and investment activities, with a commitment to market-oriented, legal, and international practices [1]. Group 2: Business Opportunities - The clearing bank is expected to lower trade risks and reduce transaction costs, creating new business opportunities for Turkish enterprises in trade, investment, and long-term financing [2]. - The establishment of the clearing bank is seen as a milestone in China-Turkey financial cooperation, aimed at enriching the offshore cross-border application scenarios of Renminbi [1][2]. Group 3: Institutional Collaboration - The Industrial and Commercial Bank of China (ICBC) aims to deepen cooperation with local Turkish banks, policy institutions, and Chinese financial institutions to create a mutually beneficial Renminbi usage ecosystem [1]. - The opening ceremony was attended by nearly 400 representatives from financial institutions and the business community, highlighting the significance of this initiative [2].