Cross-Border Auto Sweeping Aids Foreign Businesses In China

Citi announced the implementation of its first RMB Cross-Border Auto Sweeping structure from China to London.

This now allows Citi to offer live automated RMB cross-border sweeping in China, Hong Kong, Singapore and London.

Citi's global concentration engine allows clients to sweep true end-of-day balances into London without any loss of value. This platform also comes with tracking and reconciliation of inter-company loan positions, automated mechanisms to control lending positions, as well as reporting to meet local regulatory and reporting requirements.

The structure has been put in place for Swiss-based Pentair and was implemented using Pentair's registered entity in the Shanghai Free Trade Zone, thus enabling the company to integrate its daily working capital RMB balances into its global cash pool. Benefits will include improvements in the company's liquidity management, capital utilization efficiency, reduced cost in cross-border transactions, as well as intra-group financing and foreign exchange benefits.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *