Citi Launches RMB Cash and Trade Solutions in the UK
Citi has launched full renminbi (RMB) cash management and trade solutions in the UK. Through this new service, Citi will offer RMB accounts domiciled in the UK, including payments and collections capabilities, trade services and financing, along with foreign exchange (FX) transactions and hedging solutions.
This launch leverages the RMB internationalisation and the increasing importance of the city of London as a key offshore centre for RMB business. Citi’s RMB services will help clients capitalise on this opportunity by making efficiency gains in liquidity management, and improving their supply chain relationships in China. Multinational clients can leverage Citi’s RMB solution to include China subsidiaries into their global and regional treasury centres. In addition, the new solution makes RMB FX management more efficient and transparent and allows clients the ability to hedge against adverse currency movements.
Rajesh Mehta, Europe, Middle East and Africa (EMEA) head of treasury and trade solutions, said: “EMEA is the second largest trade partner with China, and the European market is quick to adopt RMB denominated transactions. According to the SWIFT RMB Tracker, Europe currently represents 47% of RMB global payments, excluding China and Hong Kong. Our London platform is an ideal hub to roll-out our new RMB solution, thereby allowing our clients to gain better access to the Chinese market and capture new growth opportunities. We look forward to leverage our global network as well as our strong local presence in China and Hong Kong to expand this solution to clients across Middle East and Africa.”