On December 8, ICBC successfully completed an outright sale of commercial draft transfer discount at Shanghai Commercial Paper Exchange, representing the first bill transfer discount business since the opening of the Exchange. The bills involved in this transaction are paper bank acceptance of RMB 1 million, accepted and discounted by ICBC Shanghai Waitan Sub-Branch through the Exchange's system, and resold by ICBC Bill Dealing Center as the transfer discount seller to Agricultural Bank of China.

Officially opened on December 8, Shanghai Commercial Paper Exchange is a professional bill exchange and a nationwide, secure and efficient electronic bill transaction platform based on modern technologies and sponsored by People's Bank of China.

According to an official with ICBC, the Bank has been committed to serving the real economy by taking the lead in establishing an exclusive bill business institution, launching the first integrated bill management system in China, and promoting Shibor-based uniform pricing administration. ICBC has explored a professional, centralized and scaled approach in developing bill business, and made attempts in collective trust and electronic transaction of paper bills.

ICBC has played a positive role in the setup of Shanghai Commercial Paper Exchange by providing full support throughout the process. The completion of the first transfer discount business by ICBC marks a new beginning of the Bank’s bill business and the advent of an important moment in development of China's bill market. ICBC will continue to contribute to the development of the Exchange and the healthy development of the bill market.