EMEA is the second largest trade partner with China, and the European market has been 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.) Not surprisingly Citi today launched a full Renminbi (RMB) cash management and trade solutions in the UK. The new service will offer RMB accounts domiciled in the UK, including payments and collections capabilities, trade services and financing, along with FX transactions and hedging solutions.
This launch leverages the RMB internationalisation and the increasing importance of the city of London as a key offshore centre for RMB business. Citi's comprehensive RMB services will help clients capitalize on this opportunity by making efficiency gains in liquidity management, and improving their supply chain relationships in China. Multinational clients will be able to use Citi's RMB solution to include China subsidiaries into their global and regional treasury centres.
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