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Working with RBS, Sonepar has successfully implemented a cross-border renminbi cash pooling structure within the Shanghai free trade zone. The first sweep was completed from Hong kong to Shanghai.
The discrepancy between China and Hong Kong's export/import data has narrowed to $6.3 billion in June after China's FX regulator started targeting fishy trade invoicing in April.
The Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA) both announced plans that could further open up the marketplace for offshore renminbi in Hong Kong.