Deutsche Bank’s global transaction banking division has launched automated renminbi (RMB) cash sweeping services for cross-border lending to its corporate clients in China.
Following the issue of People’s Bank of China’s (PBOC) circular No. 168 (
Notice of the People’s Bank of China on Simplifying the Process of Cross-border RMB Services and Improving Relevant Policies
) last July, many corporate entities in China have started using cross-border RMB intra-company loans as a tool to maximise the use of their cash. As a result, the need for more efficient processes from banks has become a priority for China-based corporate treasurers.
Deutsche Bank said that to help its clients achieve this goal, it has introduced automated RMBi cash sweeping services between cross-border intra-company accounts, thereby giving its clients an opportunity to gain time efficiencies. Corporates can set target balances and use this method to enhance their liquidity management.
“We are proud to be amongst the few foreign banks in China to offer this type of automated services,” said Carl Wegner, Greater China head of global transaction banking at Deutsche Bank. “This speaks volumes about our technical capabilities and further demonstrates our client-centric approach. In addition, this will position Deutsche Bank well from a technical standpoint to offer new pilot services in the China (Shanghai) Free Trade Zone.”
Deutsche Bank received preliminary approval to set up a sub-branch in the zone last November, and is working with its corporate clients on some of the new services announced in
‘PBOC’s Opinion on Providing Financial Support for the Development of the China (Shanghai) Pilot Free Trade Zone’
, such as two-way RMB cross-border cash pooling services, centralised payments and collections, and transaction processing for RMB direct investments.
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