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Free trade account starts
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THE Bank of Communications, China’s fifth-biggest lender, provided free trade account service to the CSHF (Shanghai) Commercial Factoring Holdings last week, the first foreign factoring firm established in the Shanghai pilot free trade zone.
The Shanghai-based lender said it’s the very first free trade bank account that it opened for an offshore institution.
The account is yuan- or foreign currency-denominated that is separate from the non-free trade accounts for purposes of regulatory oversight, a mechanism aimed to confine financial risks of reform being tried out in the zone.
There are now 10 Chinese banks that provide such services, including BoCom. The lender said its other 19 outlets outside the zone can also open free trade accounts for eligible institutions and individuals.
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