Citibank Shanhgai FTZ branch officially launches FT account services
SHANGHAI, Feb. 16 (Xinhua) -- The Citibank announced on Monday that its separate accounting business has passed the risk assessment and system examination conducted by the Shanghai headquarters of the People's Bank of China, and its branch in the China (Shanghai) Pilot Free Trade Zone (FTZ) will officially offer free trade (FT) account services.
The launch of FT account services means that banks can conduct cross-border capital settlements and exchange innovations for investment and lending under current account and direct investment account for qualified customers, and provide RMB and forex derivatives at overseas prices, so as to help enterprises to reduce investment and financing costs and effectively manage risk.
Meanwhile, Citibank also said that it will join hands with world well-known industrial manufacturer Danfoss to set up a global RMB clearing center via the FT account in the FTZ.
Li Shujing, treasury assistant of the capital department of the headquarters of Danfoss, said that Danfoss plans to move its RMB clearing center to Shanghai from London to offer more flexible and efficient cross-border RMB capital management. (Edited by Hou Yujie, firstname.lastname@example.org)