Standard Chartered, Shell approved for cross-border sweeping structure

Updated: 2013-01-16 22:31


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Standard Chartered Bank (China) Ltd and Shell (China) Co Ltd on Wednesday announced they have received a green light for their foreign currency cross-border sweeping structure.

The move made SC the first foreign bank to offer such services for a foreign MNC client in Beijing. The lender is one of the first in a batch of foreign banks to implement "the foreign currency centralized operation pilot program for a multi-national company".

By utilizing such a structure Shell China will replace their foreign debt and overseas lending quota approval from being done on a case-by-case basis, to being done by holistic quota control, SC said in a press release.

Anthony Lin, managing director and head of Transaction Banking at SC said the structure will enable clients to effectively manage their idle foreign currency liquidity globally, reduce operational costs, and promote their trade and investment in China.?

"In addition, the successful launch of the pilot program is a breakthrough for China's foreign exchange regulation. It not only facilitates MNCs to set up global treasury centers in China, but is also a significant step forward for China to establish the international financial center."