Citi China Launches Paperless RMB Cross-Border Settlement

Citi China will launch a paperless processing solution for renminbi (RMB) cross-border settlement.

Citi’s solution follows a series of measures aimed at simplifying the cross-border RMB settlement process announced by the People’s Bank of China (PBOC) on July 10, 2013. By connecting Citi’s electronic banking solution to the Balance of Payment Declaration (BOP) system operated by the State Administration of Foreign Exchange (SAFE), transactions can be completed entirely electronically, resulting in a reduction of manual error, processing cost and risk. In addition, multinational companies and large local corporates will now be able to centralize cross-border settlements through their shared service centers.

Yigen Pei, Head of Treasury and Trade Solutions for Citi China, said, “The e-solution enables Citi to expand our service scope in China, makes it easier and efficient for companies to use RMB as a cross border trading currency, and therefore help to promote and facilitate RMB globalization.”