The recent deregulation by SAFE and PBOC allows MNC groups to establish " cross-border cash pooling " structure to link it's domestic cash pool with overseas cash pools.

This is being piloted in different ways by China's central bank. Currently, some 13 Chinese enterprises and multi-national corporation companies and four banks - HSBC, Standard Chartered and two Chinese banks - are being allowed to manage both renminbi and foreign currencies cross border.

As part of this initiative Intel is poised, with HSBC, to set up, by the end of month, the first transaction to sweep its cash from China to its Singapore treasury centre.

Read more in the full article - recommended - here.