Standard Chartered Bank (China) Limited announced today that it has recently completed a RMB 2.7 billion cross-border lending deal for a worldwide manufacturer. This deal is the first RMB cross-border lending transaction for Standard Chartered after "The Circular on Simplification of Cross-border Renminbi Business Process and Completion of Related Policies" was announced by the People's Bank of China("PBoC").

In this new regulation, domestic banks can directly process RMB cross-border lending business for corporate clients after carefully examining the client's applications. Prior to the regulatory update, Standard Chartered China had to seek approval for a RMB denominated loan quota on behalf of client from PBoC Shanghai Branch. This deal was handled directly by Standard Chartered China after Due Diligence and related documents checking. This simplified the process significantly and improved efficiency.

The new RMB cross-border lending deal will enable the client's headquarter in China to lend a total amount of CNY 2.7 billion to their offshore related companies with a tenor of one year.