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Citigroup taps need for more efficient management
By Hu Xiaocen |
18:49 UTC+8 May 6, 2013
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Online Edition
Online Edition
CITIGROUP has launched a multi-currency liquidity management product for enterprises on Chinese mainland to tap the growing need for more efficient treasury management among both Chinese and foreign multinational corporations in the world's second-biggest economy.
Citibank China Co, the Chinese unit of the American lender, said it was the first bank to offer a multi-currency notional pooling service with yuan capability on the mainland.
The notional pooling is a treasury management tool used by MNCs that virtually concentrate cash balances from their subsidiaries to reflect an aggregate account balance, but to avoid physical inter-company money transfers and loans.
Citi added the yuan to its multi-currency notional pool service in London earlier in February. The lender said the extension of its existing service capabilities was made in respond to the growing internationalization of the Chinese currency that has been driving up the volume and value of cross-boarder yuan transactions.
"The introduction of yuan capability further underlines the importance of yuan as a strategic currency in treasury management and should also help promote Shanghai's position as an international financial center," Pei Yigen, head of Citi's Transaction Services for China, said.
Citibank China Co, the Chinese unit of the American lender, said it was the first bank to offer a multi-currency notional pooling service with yuan capability on the mainland.
The notional pooling is a treasury management tool used by MNCs that virtually concentrate cash balances from their subsidiaries to reflect an aggregate account balance, but to avoid physical inter-company money transfers and loans.
Citi added the yuan to its multi-currency notional pool service in London earlier in February. The lender said the extension of its existing service capabilities was made in respond to the growing internationalization of the Chinese currency that has been driving up the volume and value of cross-boarder yuan transactions.
"The introduction of yuan capability further underlines the importance of yuan as a strategic currency in treasury management and should also help promote Shanghai's position as an international financial center," Pei Yigen, head of Citi's Transaction Services for China, said.
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