HSBC China launches centralized CNY cross-border transaction management solution in FTZ

Tuesday 25 February 2014 14:15 CET | News

HSBC China has launched a centralised CNY cross-border transaction management solution for its corporate clients in the China Pilot Free Trade Zone (Shanghai FTZ), by delivering the new service to Saint-Gobain via its branch in the pilot zone.

This cash management solution covers functions including pay-on-behalf/receive-on-behalf (POBO/ROBO) and netting. Centralised payments and collections is a cash management solution for multinational companies’ need to manage intra-group account payables and receivables.

The newly-launched scheme in the Shanghai FTZ now applies to CNY cross-border settlement, enabling corporates to consolidate and offset account payables and receivables through a single transaction.

In recent news, Shanghai Head Office of the Peoples Bank of China (PBC), the countrys central bank, has made available the CNY cross-border payment in the newly established Shanghai free trade zone (FTZ) so that people may purchase items from online shops overseas.

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Keywords: HSBC, FTZ, online, payments , CNY
Categories: Payments & Commerce
Countries: World
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