Bank of America Merrill Lynch Global Transaction Services (GTS) have added a proprietary China Online Balance of Payments (BOP) Declaration Module to its suite of end-to-end China treasury management solutions. BofA Merrill claim that it will allow its China treasury management client base to navigate more easily the ongoing liberalisation of the country’s regulatory landscape.

The new China Online BOP Declaration Module provides clients with:

• enhanced execution of BOP declarations for payment execution and receipt
• streamlined processing of supporting commercial documentation as required by the State Administration of Foreign Exchange (SAFE)
• total compliance with SAFE foreign exchange (FX) documentary requirements that stipulate both remitters and beneficiaries declare the underlying business transaction for each foreign currency (FCY) and cross-border RMB (CNY) payment and receipt in China
• flexibility of handling FCY payments and receipts, both domestic and international, as well as RMB cross-border payments and receipts
• favourable transaction pricing and a substantial decrease in logistical fees.