SHANGHAI, Mar 29 (Xinhua): Further financial liberalisation in the Shanghai Free Trade Zone (FTZ) will lead to more cross-border business in the Chinese currency and offer diverse financial services for clients, said the Shanghai chief of Standard Chartered on Friday.
Companies registered in the zone - a test bed for upgrading China's regulatory environment, financial and service sectors - are able to access an increasing number of cross-border services facilitating trade, financing and cash management through banks, said Loh Long-hsiang, the Shanghai general manager of Standard Chartered.
Loh was speaking on the sidelines of a forum marking the bank's presence in the zone.
"Financial services and products available for our onshore clients are not as diverse as what have been offered in developed markets," Loh said. "We hope to introduce a broader range of financial services to Chinese companies through our sub-branch in the Shanghai FTZ."
The bank's sub-branch offers cross-border Renminbi solutions for companies in the zone after China's central bank announced a spate of policies supporting the expanded cross-border use of the Chinese currency.
Standard Chartered said in a statement that the new sub-branch offers both yuan and foreign currency services, with a focus on cash management, settlement, cross-border financing and risk management.
In February, the bank pioneered the first two-way non-quota-based cross-border yuan sweeping services for Baoxin Auto Group, without having to seek regulatory approvals.
A number of Chinese and foreign banks have started offering cross-border yuan services such as the pooling and sweeping of yuan funds between company's onshore and offshore entities, as well as off-shore yuan financing.
Shanghai FTZ \\\'benefits\\\' from financial liberalisation
FE Team | Published: March 30, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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