Citibank’s China division has launched its free trade accounting unit (FTU) business in its Shanghai Free Trade Zone (SFTZ) sub-branch.
Andrew Au, chairman and chief executive officer (CEO) of Citi China said: “The FTU is the cornerstone to deepen the financial reform, further promote financial innovation while effectively control risks. By leveraging Citi’s global resources and advantages, we are well positioned and committed to facilitating the cross-border business of our clients through the FTU, as well as contributing to the ongoing financial reform in China.”
Citi said that the FT account would enable corporate clients to further save on costs and better manage cross-border risks, through new services that include cross-border treasury management, investment and fund raising innovations, as well as foreign exchange (FX) and interest derivatives products.
Coinciding with the launch, industrial manufacturer Danfoss has partnered with Citi in launching its global renminbi (RMB) settlement centre in the SFTZ.
Sue Lee, assistant treasurer of Danfoss corporate treasury said: “We plan to settle all the RMB operational flows in the SFTZ, which will enable us to better utilise the resources both onshore and offshore, as well as more effectively manage the RMB capital through the FT account and Citi’s global platform.”
Sibos 2017 Day Two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.