Government News
Citibank pilots foreign exchange business in Shanghai 2024-09-08
Citibank (China) has recently piloted a program for foreign exchange business in Shanghai, becoming the first foreign bank of this kind in the city.
This January, the nation launched several measures for the administration of banks' foreign exchange business. The goal is to spur banks to optimize foreign exchange business processes, facilitate cross-border trade and investment financing, while also reducing the risks of cross-border capital flows.
China Minsheng Bank, CITIC Bank, and Bank of China are among the first banks in the pilot program.
"Citi will continue to innovate cross-border and foreign exchange services for our clients, contributing to the construction of Shanghai's international financial center," said Yang Changhao, general manager of Citi China's treasury and trade finance department.
Since the pilot program began, the business volume of the four banks has increased an average of 2.5 times, and the average time to handle one foreign exchange transaction has been shortened between 50 percent and 75 percent, according to the State Foreign Exchange Bureau.
Source: Shanghai Daily
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