Türkiye Opens First RMB Clearing Bank in Landmark Move

Türkiye has opened its first renminbi (RMB) clearing bank, marking a major step in deepening financial cooperation with China, according to Xinhua News. The new clearing institution, operated by ICBC Türkiye, was inaugurated in Istanbul on 17 November 2025 with nearly 400 representatives from Chinese and Turkish financial institutions, government bodies and businesses in attendance.

The launch follows approval from the People’s Bank of China for ICBC Türkiye to serve as the country’s official RMB clearing bank. It also comes after both nations renewed their 35-billion-yuan (US$4.9 billion) currency-swap agreement in June, strengthening bilateral financial ties.

In a video address, Deputy Governor Tao Ling of the People’s Bank of China said broader use of the RMB offers an effective option for global trade and finance, adding that China remains committed to opening its financial markets in a transparent, predictable and market-driven manner.

ICBC Chairman Liao Lin described the clearing bank as a “high-speed corridor” for RMB transactions between the two countries and pledged to expand offshore RMB services, provide secure and efficient settlement systems and deepen cooperation with Turkish banks and institutions to build a mutually beneficial RMB ecosystem.

China’s Ambassador to Türkiye, Jiang Xuebin, called the launch a milestone in financial cooperation, noting that it will promote the use of the RMB in trade, financing and commercial transactions, providing practical benefits for companies in both markets.

Economic ties between the two countries continue to grow. Bilateral trade reached US$42.9 billion in 2024, while China’s investment stock in Türkiye stands at US$3.2 billion. Turkish data shows China has become one of Türkiye’s top trade partners this year, with total trade expected to hit new records by year-end.

On the Turkish side, Deputy Minister of Treasury and Finance Osman Celik said the clearing bank opens a “new page” in relations, helping lower transaction risks and costs while expanding opportunities in trade, investment and long-term financing. Central Bank Governor Fatih Karahan stressed that settling trade in local currencies reduces exchange-rate exposure, improves pricing certainty and supports deeper financial integration.

Alongside the launch, ICBC and UnionPay introduced Türkiye’s first UnionPay multi-currency debit card and dual-currency credit card, expanding cross-border payment options and retail financial services for Turkish consumers and businesses.