Chinese telecommunications giant Huawei signed a deal to secure its European smartphone receivables with trade credit insurance through Euler Hermes on June 19.
CT's Working Capital Chronicle has been updated. New deals include: Singapore Airline's new FX payments facility; Toyota's new derivatives reporting platform; and LyondellBasell Industries' cash management solution.
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.
CT's Working Capital Chronicle has been updated. New deals include: Trafigura's revolving credit facility; Hyva's RMB interco. loan; ExxonMobil's electronic trade finance strategy.
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.
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.