In one month, China’s foreign exchange regulator has fined 48 corporates, banks and individuals. European chemistry giant Solvay, as well as HSBC, are on the list.
Some of the world’s top companies – also including Roche, GE and others – join Swift’s global payment initiative pilot. But whether other “Swift corporates” will be able to go GPI-active remains to be seen.
As China's currency hits its highest levels since 2015, analysts say it’s not about to end there. That's already leading to steep foreign exchange losses for some Chinese exporters.
With reports Beijing will put in place contingencies to counter US tax cuts that could stymie foreign direct investment, treasurers lament that getting money into China is still fraught with problems