Sep 19, 2013
Shanghai, September 16th 2013 - Citibank (China) Co., Ltd. announced the launch of Renminbi (RMB) crossborder auto sweeping services to facilitate RMB cross-border lending transactions, making it the first bank in the market to offer this kind of liquidity management solution in the currency.
The focus on RMB cross-border lending has grown since July 2013, when The People’s Bank of China (PBOC) announced greater flexibility for its pilot program by expanding its scope nation-wide. Against this regulatory framework and by leveraging the capabilities of its global liquidity platform, Citi is now able to offer this solution to facilitate RMB cross-border lending.
Yigen Pei, Country Head of Citi’s Treasury and Trade Solutions for China, said: “We are very excited to be the first to launch this milestone cross-border solution for our clients. Citi is a global leader in liquidity management because of our capability to perform end-of-day cross-border sweeps offering same day value propositions for more than 10 years. And in light of the RMB becoming an increasingly important global currency, this launch reinforces our industry leadership in cross-border liquidity management solutions and brings greater process efficiency to our clients for their RMB cross-border lending activities.”
Citi has been working closely with clients to develop sophisticated liquidity management solutions in China. Since 2003 when pooling was first started in China, Citi has achieved a number of “firsts” in this field. It is one of the first banks in China to provide domestic pooling services both in RMB and foreign currencies, and the first bank in the market to provide tax efficiency structures and multi-currency notional pooling. Citi currently offers the most pooling structures among foreign banks in the country.
Re-disseminated by The Asian Banker