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.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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