China has made big strides in liberalizing its currency over the last few years and now it is taking steps to facilitate cross-border sweeps of the renminbi, a development that will make life easier for treasuries that operate in China.
Recently, the People's Bank of China (PBOC), the central bank, said that it will allow companies to sweep cash offshore.
"The implementation of this movement of funds is conducted through an intercompany loan," said Joe Ng, Asia Pacific head of Renminbi payments product management for Global Transaction Banking at Deutsche Bank.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
