On October 21 local time, ICBC and London Metal Exchange (“LME”) signed MOU on strategic cooperation in London. According to the MOU, ICBC and LME will establish a long-term strategic partnership to promote the development of commodities and futures in countries along the “One Belt and One Road” and develop all-around cooperation in RMB internationalization to better serve the increasing commodity demand under the “One Belt and One Road” initiative.

China is one of the largest commodity consumers worldwide. Many Chinese enterprises have become active participants in the commodity market and the international capital market while the “One Belt and One Road” initiative and the acceleration of Chinese enterprises' “Going Global” pace have also spawned the demand for commodity trading as well as monetary market and capital market trading. The MOU on strategic cooperation between ICBC and LME aims at meeting the ever increasing commodity demand of the countries along the “One Belt and One Road” through the global commodity platform of LME and providing funding support for the enterprises based on ICBC's extensive business network in the countries along the “One Belt and One Road” and further promoting RMB internationalization.

LME was established in 1877. After nearly 140 years of development, it has become the most influential and the most authoritative exchange in base metals worldwide that has the most diversified traded products and the best trading systems and supporting facilities. Over 82% of the world's trade of base metals in 2014 was based on the price quotation of LME. Controlled by ICBC, ICBC Standard Bank Plc has been a member of LME for 20 years with profound participation in daily operation of LME.

According to an ICBC official, the Bank has 120 institutions in the 18 countries along the “One Belt and One Road” and it is the largest Chinese financial institution by the coverage of the countries along the “One Belt and One Road”. As at the end of 1H2015, ICBC had provided financing support for 115 overseas projects along the “One Belt and One Road”, involving a total amount of USD19.9 billion, covering over 30 countries across Asia, Africa and Europe, accounting for one third of the countries along the “One Belt and One Road”, and covering such industries as power, transport, oil and gas, mining, telecommunication, machinery, industrial park construction and agriculture, basically realizing comprehensive coverage of all the key industries in the “Going Global” drive.