Wilmar first to set up two-way yuan cash swap in zone
Print Edition
Singapore-based agribusiness group Wilmar International became the first company to set up a two-way cash swap facility for the yuan in Shanghai’s pilot free trade zone, the Bank of China said in a statement yesterday.
Wilmar made fund transfers in yuan from and to its bank account with BOC in the zone yesterday, the statement said.
BOC is the largest foreign exchange bank in China. Its cross-border yuan transactions totaled 7.6 trillion yuan (US$1.2 trillion) since China launched the business in 2009.
China unveiled the two-way cash pooling service for the yuan as a trial in the zone on Monday to enhance cash management efficiency of multinational companies, BOC said.
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