China cuts RMB trade settlement/lending red tape
Jul 15, 2013
Philips tests cross-currency netting in China
Intra-group cross-border transactions are netted monthly into Renminbi through netting settlement centres, across nine mainland entities. The solution, via HSBC, unlocks working capital, and is exposed to the valuation of the under pressure Rmb.
Dutch conglomerate Philips has tested cross-currency netting practices across its nine mainland Chinese entities, using Renminbi as the settlement currency, according to a media release.
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