Cash management in China and Asia-Pacific is becoming much more efficient as:

• HSBC Bank (China) launched a centralized renminbi cross-border transaction management solution for its corporate clients in the China (Shanghai) Pilot Free Trade Zone. Saint-Gobain is one of the first users via its subsidiary in the pilot zone. The solution includes pay-on-behalf and receive-on-behalf (POBO/ROBO) and netting. HSBC was one of the first banks to launch this solution in the Shanghai FTZ. Via its subsidiary in the Shanghai FTZ, Saint-Gobain can centralize payments and collections for merchandise and services trade settlement, along with other current account items, and subsequently improve the efficient use of renminbi settlement within the group.

• Standard Chartered Bank (China) approved the first non-quota-based renminbi denominated two-way cross border sweeping transaction for Baoxin Auto Group. This follows the release of PBoC Shanghai headquarters' notice on supporting China’s (Shanghai) Pilot Free Trade Zone (PFTZ) and promoting renminbi cross border business (the Rules), which allows banks in the PFTZ to approve non-quota based two-way cross border sweeps without PBOC’s sign off.

• People's Bank of China (PBC) Shanghai Head Office made available the CNY cross-border payment in the newly established Shanghai free trade zone (FTZ) so that people may purchase items from online shops overseas. PBC’s Head Office in Shanghai has stated that Allinpay, 99Bill, China Pay, Dongfang Electronics and Shengpay are now allowed to process cross-border payments in the Chinese currency for cross-border trade in the China (Shanghai) Pilot Free Trade Zone. Based on the service, the five payment firms will open a cross-border CNY account at the Shanghai branches of Industrial and Commercial Bank of China, Bank of China, China Construction Bank, China Merchants Bank and China Minsheng Bank to park provisions for cross-border CNY payment. The service requires no currency exchange procedure, and makes online shopping possible from offshore websites for regular Chinese shoppers, according to Chinese media reports.