Banks offer forex deal solutions to FTZ firms
Print Edition
BANKS in Shanghai are offering solutions to manage foreign exchange cross-border funds centrally to multinational companies based in the city’s pilot free trade zone under financial reform policies being tested there.
“The new measures not only allow companies to manage their working capital with wider flexibility, but also extend to new categories of companies such as investment banks,” said Dai Haibo, deputy director of the FTZ’s administrative committee. “Investment bankers and capital management companies will now be able to use and allocate both their onshore and offshore funds from the FTZ.”
Under the new centralized management solution, companies now can combine their onshore and offshore foreign exchange accounts, make centralized payments for different subsidiaries, and merge different payments to cut transactions and increase efficiency.
A total of 21 energy, manufacturing, logistics, trade and investment enterprises in the FTZ yesterday signed contracts with 13 Chinese and overseas banks for centralized foreign currency treasury management solutions.
Banks and the foreign exchange regulator will decide foreign exchange payment quota based on a company’s credit history on a case-by-case basis.
“The cross-border foreign exchange fund management solutions will be a step to eventually liberalizing capital accounts in the FTZ,” said Zhu Ying, head of the Agricultural Bank of China Shanghai branch’s international business department.
This will occur once banks can set up free trade accounts which allow freer cross-border yuan flow, Zhu said.
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