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China Makes Life Easier for Treasuries

The central bank OKs renminbi cross-border sweeps, giving trapped corporate cash an exit route.

By Susan Kelly | Updated on October 14, 2013
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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