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).
Knorr-Bremse treasurer Ernest Mui has called for China to establish more Shanghai-style free trade zones in order to balance China’s corporate treasury needs.
Banks disagree on the foreign exchange implications of the PBOC’s announcement of a wider renminbi trading band, but advise SMEs to switch to invoicing in renminbi.
Swift’s monthly renminbi tracker has shown the Chinese currency to rank in the top ten most used currencies for international payments three months running.
StanChart and Baoxin Group; HSBC and Saint-Gobain; and Citi and Roche have announced new cash programmes relating to pooling and netting in the Shanghai free trade zone following central bank clarifications.