US regional banks start to offer streamlined payment system for transactions executed in Renminbi

The Renminbi is truly becoming an international currency, even US regional banks are starting to offer Renminbi services. Citizens Financial Group today introduced a payment capability that allows its commercial customers to settle third-party and trade-related payments in Renminbi (RMB).

This new capability offers a number of benefits to Citizens Bank and Charter One customers:

• ability to source the currency from RBS Asia allows Citizens to offer competitive exchange rates
• faster speed-of-settlement
• U.S. companies with payroll exposure in China are able to fund in RMB
• China-based vendors may give more favorable shipping terms when paid in RMB.