Industrial and Commercial Bank of China (Brazil) Ltd said it has successfully processed its first cross-border renminbi settlement transaction, making substantial progress in the bank's cross-border RMB business in the Brazilian market.

In February the People's Bank of China, the country's central bank, authorized ICBC Brazil as the RMB clearing bank in Brazil.

In the transaction, ICBC Brazil supported both parties in settling it directly in the Chinese currency. This demonstrated significant advantages in terms of clearing efficiency, exchange rate costs and the security of fund and information flows, the bank said.

The head of ICBC Brazil said the bank will continue to actively leverage its advantages as the RMB clearing bank in Brazil and strive to provide convenient, efficient and secure cross-border RMB settlement services for companies in both countries, promoting the continuous development of China-Brazil economic and trade cooperation.

In recent years, economic and trade cooperation between China and Brazil has become closer. The successful implementation of this cross-border RMB settlement transaction indicates Chinese and Brazilian companies now have more currency options for commerce, which will help increase the proportion of RMB in China-Brazil trade and investment, ICBC Brazil noted.

jiangxueqing@chinadaily.com.cn