China and the world’s biggest bank in terms of assets has retained its leading position in the Chinese market for discounted bills since the start of 2021.
Industrial and Commercial Bank of China (ICBC) processed over 900 billion yuan (approx. USD$139 billion) in discounted bills in the first half of 2021, according to a report from the Chinese central bank’s official news outlet.
ICBC said that it was striving to use discounted bills products to diversify its enterprise finance offerings, and improve financial efficiency for clients.
“Bills operations can rapidly transmit the monetary policy of the People’s Bank of China, guide declines in the discount rate, reduce enterprise financing costs, and are the ‘golden key’ for the short-term capital turnover of businesses,” said an ICBC spokesperson.
According to ICBC its bill discount rate fell by nearly 40 basis points compared to the same period last year in the first half of 2021.