ABC New York Branch’s First Cross-Border RMB Foreign Exchange Deal
On January 11, 2013, Agricultural Bank of China New York Branch successfully concluded the first cross-border RMB foreign exchange trade. This trade was a cross-border collaboration with ABC Guangdong Branch. With the cooperation of branches inside and outside of China, as well as the support from local banks, the settlement, clearance and remittance were a complete success. Since operation in last October, ABC New York Branch has been expanding its operations step by step according to the plan. The successful completion of this trade laid a solid foundation for the New York branch to develop RMB cross-border business in the future.