Citi boosts offshore RMB solutions in UK
Citi will offer renminbi accounts domiciled in the UK a part of its launch of cash management and trade solutions for the increasingly international trade in Chinese currency.
Payments and collections, trade services and financing, FX transactions and hedging solutions will all be offered.
Citi said the launch reflected the growing role of London as an offshore centre for RMB business, with clients, particularly multinationals, looking for improvements in areas such as supply chain relationships.
Rajesh Mehta, EMEA head of Treasury & Trade Solutions, said: “EMEA is the second largest trade partner with China, and the European market is quick to adopt RMB denominated transactions. According to the SWIFT RMB Tracker, Europe currently represents 47% of RMB global payments, excluding China and Hong Kong.
Our London platform is an ideal hub to roll-out our new RMB solution, thereby allowing our clients to gain better access to the Chinese market and capture new growth opportunities. We look forward to leverage our global network as well as our strong local presence in China and Hong Kong to expand this solution to clients across Middle East and Africa.”
Naveed Sultan, Global head of Treasury & Trade Solutions, said: “This launch is a key milestone for us to support the growth of our clients globally. Our economists expect China to become the world’s biggest importer as well as the biggest country by trade value by 2015 and we want to help our clients access this growing market. By offering a wide range of RMB products and services, we demonstrate our commitment to support our clients’ business globally and help them embrace RMB in their trade and cash management practices”