BOC helps Wilmar in pilot two-way yuan sweeping

By Hu Xiaocen | December 5, 2013, Thursday |

Online Edition

Singapore-based agribusiness group Wilmar International has become the first company to set up a two-way cash sweeping facility for the Chinese yuan in the Shanghai pilot free trade zone to enhance its regional treasury management, the Bank of China said in a statement today.

Wilmar has made fund transfers in yuan from and to its bank account with BOC in the pilot free trade zone today, according to the lender’s statement.

BOC, the fourth-biggest lender in China, is the biggest foreign exchange bank in the country. Its cross-border yuan transactions amounted to 7.6 trillion yuan (US$1.2 trillion) since China launched the business in 2009.

Chinese regulators launched the trail of two-way cash pooling service for yuan in the free trade zone on Monday, which will help enhance cash management efficiency of multinational companies, said BOC.

Business Finance

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BOC helps Wilmar in pilot two-way yuan sweeping

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