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.
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.
Valspar has added renminbi to its global cash pool currencies through a dividend payment to its US headquarters and has future plans for the Shanghai free trade zone (FTZ).
The Shanghai Free Trade Zone (FTZ) will use special accounts to allow trade settlements and trade finance in renminbi, effectively establishing an “offshore” trade centre within its borders.
Bank of America Merrill Lynch has hired away former Barclays Bank India head of multinational corporates, Meeta Makhan, to be its India head of global transaction services.