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HSBC has promoted Kee Joo Wong tohead of payments and cash management for Asia-Pacific. He replaces John Laurens, who took up the top transaction role at DBS.
CT ‘s abridged guide to China’s new guidelines on nationwide cross-border renminbi (RMB) cash pools and centralised payment and collections under current account.
Carlisle Companies won SAFE approval for a China domestic US dollar cash pool in the Shanghai FTZ, but holds off on cross-border implementation over FATCA concerns.
CT has translated and provided an explanation China’s recent comprehensive Q&A session aimed at clarifying foreign currency cash pooling rules for multinationals.
Multiple corporates have come forward to tout special fund raisings through the Tianjin-Singapore RMB cross-border initiatives on July 9, but space is limited.
RBS’s Yi Xiong advises CT on processes for opening a renminbi special account for cash concentration cross-border in the Shanghai free trade zone (FTZ) and account management going forward.
China’s PBOC will allow cross-border renminbi pooling for multinational corporates, though the need for distinctions between onshore and offshore renminbi for corporate treasurers remains.