Bank of China, the mainland's second-largest lender, said its international settlement operations passed the US$1 trillion mark last year, setting a global record for commercial banks.
The state-owned bank said yesterday on its website that its international settlements business, both on the mainland and overseas, totalled US$1.4 trillion last year. It did not give a comparative figure for the previous year.
'It is not surprising to see the international settlements business increase at such a fast pace in light of the mainland's rapidly growing economy,' said Margaret Lee Man-yuen, Standard Chartered Bank (Hong Kong)'s regional head of financial institutions business in Greater China and Japan.
International settlements is a payment service dealing in foreign exchange, including trade payments, foreign exchange trading settlements and payments for investments.
BOC said it held a 30 per cent market share on the mainland.
International settlements conducted on the mainland increased by 20 per cent last year to US$603.5 billion, while trade financing for corporate customers in foreign currencies and in yuan jumped 32 per cent and 60 per cent, respectively, the bank said.