GovernanceAccountingCiti Launches Free Trade Accounting Unit in Shanghai

Citi Launches Free Trade Accounting Unit in Shanghai

Citibank’s China division has launched its free trade accounting unit (FTU) business in its Shanghai Free Trade Zone (SFTZ) sub-branch.

Andrew Au, chairman and chief executive officer (CEO) of Citi China said: “The FTU is the cornerstone to deepen the financial reform, further promote financial innovation while effectively control risks. By leveraging Citi’s global resources and advantages, we are well positioned and committed to facilitating the cross-border business of our clients through the FTU, as well as contributing to the ongoing financial reform in China.”

Citi said that the FT account would enable corporate clients to further save on costs and better manage cross-border risks, through new services that include cross-border treasury management, investment and fund raising innovations, as well as foreign exchange (FX) and interest derivatives products.

Coinciding with the launch, industrial manufacturer Danfoss has partnered with Citi in launching its global renminbi (RMB) settlement centre in the SFTZ.

Sue Lee, assistant treasurer of Danfoss corporate treasury said: “We plan to settle all the RMB operational flows in the SFTZ, which will enable us to better utilise the resources both onshore and offshore, as well as more effectively manage the RMB capital through the FT account and Citi’s global platform.”

Related Articles

New accounting standards may bring treasury losses: S&P interview

Accounting New accounting standards may bring treasury losses: S&P interview

7m Victoria Beckett
10 ways an accounting hub is key to your CASS 7 operational accounting challenges

Accounting 10 ways an accounting hub is key to your CASS 7 operational accounting challenges

8m James McGivern
Negative rates and embedded floors: a debt and hedge accounting headache

Accounting Negative rates and embedded floors: a debt and hedge accounting headache

2y Paco Carballo
Fair value accounting: an open and shut case

Accounting Fair value accounting: an open and shut case

2y Gordon Gray
Technology shaping future roles for accounting professionals

Accounting Technology shaping future roles for accounting professionals

2y Graham Buck
Willis launches electronic accounting platform for insurers

Accounting Willis launches electronic accounting platform for insurers

3y Graham Buck
Improved career prospects for women in finance and accounting

Accounting Improved career prospects for women in finance and accounting

3y Graham Buck
Hedge Accounting – a topic with seven seals?

Accounting Hedge Accounting – a topic with seven seals?

3y Thomas Stahr