CT ‘s abridged guide to China’s new guidelines on nationwide cross-border renminbi (RMB) cash pools and centralised payment and collections under current account.
CT has translated and provided an explanation China’s recent comprehensive Q&A session aimed at clarifying foreign currency cash pooling rules for multinationals.
Technoform raised a Rmb10 million loan from ICBC in a Chinese-Singaporean pilot initiative that bypasses foreign debt quotas. At least four other companies are following suit.
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.
SAFE eases cross-border loan guarantee rules; HK court ignores China state secrecy laws; First loan under China-Korea currency swap transacted; Malaysia to roll out mobile e-payment platform.
China will likely free up deposit rates within two years, hopefully helping end the need for corporates to park cash with dodgy wealth management products, economists believe.