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Siemens, Alibaba, Huawei and ZTE are all in the second batch of SAFE’s pilot for cross-border FX cash sweeping, netting and centralised payments transactions, CT has learnt.
US multinational approved to tap the PBOC’s extended pilot programme for cross-border RMB intercompany lending.
MNCs tell CT how they are taking advantage of pilot programs in China to repatriate trapped renminbi and streamline cash management.
Global remittance giant Western Union has reported wider use of the renminbi for payments to Chinese companies and exporters.
US card giants have long criticised China UnionPay for monopolising the country's payment market.