Major Chinese Banks Announce Offshore RMB Forex Pilot Trading Implementation

To promote two-way opening of the forex market and foster integration between onshore and offshore markets, PBOC Governor Pan Gongsheng announced at the 2026 Lujiazui Forum that ICBC, ABC, BOC, CCB, BOCOM, and CITIC Bank have been authorized to conduct offshore RMB forex trading pilots in the Shanghai Free Trade Zone.

As of now, ICBC, ABC, BOC, CCB, and BOCOM have all announced the implementation of offshore RMB forex pilot trading.

ICBC stated that it swiftly responded, participating in bilateral market-making quotes in the Shanghai FTZ offshore RMB forex market and successfully completed the first batch of trades. Counterparties covered financial institutions from Hong Kong (China), Singapore, London (UK), and other countries and regions. Trading products included forex spot, forward, and swap across all categories, with currencies covering offshore RMB against USD, EUR, JPY, HKD, SGD, TRY, AUD, THB, and others.

ABC noted that it actively responded to the PBOC call, successfully completing the first offshore RMB forex transaction in the Shanghai FTZ. This marks a key step in ABC global RMB business layout, demonstrating its commitment to supporting RMB internationalization and the opening of China forex market.

BOC stated that it successfully completed the first offshore RMB forex transaction in the Shanghai FTZ. As a major RMB clearing bank globally, BOC has long played a leading role in the offshore RMB market, with offshore RMB business covering 64 countries and regions worldwide.

CCB successfully completed its first offshore RMB forex transaction in the Shanghai FTZ, covering spot, forward, and swap products across multiple currency pairs including RMB against USD, EUR, JPY, and others.

BOCOM also announced its first offshore RMB forex transaction in the Shanghai FTZ, covering spot and swap products for offshore RMB against USD and other currencies.