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Citi China launches automated solution for RMB cross border settlement

2013-09-13

Citibank (China) Co., Ltd. (“Citi China”) announced today that it will be the first international bank to launch a paperless processing solution for RMB cross border settlement. By connecting Citi's electronic banking solution to the Balance of Payment Declaration (BOP) system operated by the State Administration of Foreign Exchange (SAFE), transactions can be completed entirely electronically. Multinational companies and large local corporates will now be able to centralize cross border settlements through their shared service centers. After the central bank’s request to simplify RMB cross border settlement procedure, several international banks have launched the same solution.

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