One of Singapore’s largest conglomerates has raised a Rmb50 million loan through a special pilot scheme set up in Tianjin. Similar transactions across China are expected.
Reliance Industries, Aditya Birla Group, and Bharti Enterprises rushed to make a deadline to apply for bank licences in India; China's State Administration of Foreign Exchange has expanded pilots for cross-border foreign exchange; and the Reserve Bank of India has secured FATCA exemptions for small India banks.
Multiple corporates have come forward to tout special fund raisings through the Tianjin-Singapore RMB cross-border initiatives on July 9, but space is limited.
Jul 15, 2014
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Technoform raised a Rmb10 million loan from ICBC in a Chinese-Singaporean pilot initiative that bypasses foreign debt quotas. At least four other companies are following suit.
RBS’s Yi Xiong advises CT on processes for opening a renminbi special account for cash concentration cross-border in the Shanghai free trade zone (FTZ) and account management going forward.
Treasurers and banks explain how to deal with China’s regulators on renminbi and liquidity management pilot programmes through restraint and investment.