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Deutsche Bank introduces automated Renminbi cash sweeping services

10 February 2014  |  2073 views  |  0 Source: Deutsche Bank

Deutsche Bank's Global Transaction Banking division today announced the introduction of automated Renminbi cash sweeping services for cross-border lending to its corporate clients in China.

Following the issuance of PBOC's circular No. 168* in July 2013, many corporate entities in China have started using cross-border Renminbi intra-company loans as a tool to maximise the use of their cash. As a result, the need for more efficient processes from banks has become a priority for China-based corporate treasurers.

In order to help its clients achieve this goal, Deutsche Bank has introduced automated Renminbi cash sweeping services between cross-border intra-company accounts, thereby giving its clients an opportunity to gain time efficiencies. Corporates can set target balances and use this method to enhance their liquidity management.

Carl Wegner, Greater China Head of Global Transaction Banking at Deutsche Bank said: "We are proud to be amongst the few foreign banks in China to offer this type of automated services. This speaks volumes about our technical capabilities and further demonstrates our client-centric approach. In addition, this will position Deutsche Bank well from a technical standpoint to offer new pilot services in the China (Shanghai) Free Trade Zone."

Deutsche Bank has received preliminary approval to set up a sub-branch in the China (Shanghai) Free Trade Zone in November 2013, and is currently working with its corporate clients on some of the new services announced in "PBOC's Opinion on Providing Financial Support for the Development of the China (Shanghai) Pilot Free Trade Zone", such as two--way Renminbi cross-border cash pooling services, centralised payments & collections, and transaction processing for Renminbi Direct Investments.

* Notice of the People's Bank of China on Simplifying the Process of Cross-border RMB Services and Improving Relevant Policies 

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