Citi鈥檚 yuan solution helps firms in FTZ
Print Edition
Citi said yesterday it had launched an automated yuan cross-border pooling solution for its clients in the Shanghai free trade zone, a move that could help multinational companies optimize their cash management and enhance capital efficiency.
The solution allows companies to automatically sweep yuan between their onshore and offshore entities freely, without providing supporting forms or applying for approvals on a deal basis.
Citi’s cross-border yuan sweeping solution was pioneered for Roche, a European pharmaceutical company, which marks an important step in the ongoing financial development in the FTZ.
“We are using state-of-the-art global concentration platforms to address clients’ local and cross-border yuan needs, enabling them to capitalize on opportunities that evolving regulatory reforms bring,” said Amol Gupte, Citi’s Asia-Pacific head of Treasury and Trade Solutions.
China launched the Shanghai FTZ in late September and officials promised a far more open and streamlined environment for foreign firms to do business there as well as easier policies for a raft of service sectors.
HSBC said last week that it had offered cross-border yuan sweeping service for Dover, a maker of diversified industrial products, to help it deploy funds more efficiently between its overseas and domestic affiliates.
China is stepping up efforts to open up domestic financial markets and lift the global status of its currency.
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