FX house of the year, China – China CITIC Bank

China CITIC Bank has maintained its strong foothold in the FX markets in an unprecedented market environment, leveraging its extensive group network worldwide and unmatched knowledge of the renminbi and onshore market

Against the backdrop of the ongoing Covid-19 pandemic, economic slowdown at home and renminbi (RMB) appreciation, China CITIC Bank has continued to serve its clients with innovative exchange-rate product portfolios. The bank posted a record $1.69 trillion FX market-marking transaction volume in 2020, among the top three banks in the FX CNY spot ranking. 

“Our bank can leverage the China CITIC Group’s far-reaching presence in different markets, providing 24/7 full service to our clients, with a diverse set of FX products,” says Lan Hai, deputy division chief, currency and rates division, financial markets department at China CITIC Bank.

The commercial bank is proud of its close co-ordination onshore and offshore, which is key to driving sustainable businesses. It operates 1,405 outlets in mainland China, while the Hong Kong-headquartered CITIC Bank International – a subsidiary of China CITIC Bank – had 34 outlets located across Hong Kong, Macao, New York, Los Angeles, Singapore and mainland China as of last year.

Most notably, the bank’s London branch – which opened in June 2019 – has already reported extraordinary financial results. It registered total assets of $1.19 billion for the first full business year, up 181% from the previous year-end.

The bank has developed a sophisticated sales and trading team, covering a broad range of FX products, including flow FX, FX options and structured FX products. It also offers multilayer exchange-rate risk management solutions to meet customers’ needs for financing and value preservation.

In the fast-developing RMB market, clients appreciate efficiency and expertise. China CITIC Bank has adopted online trading platforms and has provided research and analysis via its weekly FX podcast and live stream.

This skill set will also make the bank a desirable partner in Bond Connect – an investment channel enabling overseas investors to access fixed income markets in mainland China via trading infrastructure in Hong Kong.

“With the internationalisation of RMB, the currency continues to show promise. Our deep knowledge of the local market and regulatory development will fulfil customers’ real needs in the FX market through programmes such as the CIBM Direct Scheme,” says Lan. 

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