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.