Treasury Management Internation Logo

Citi launches automated RMB cross-border sweeping from China to London


London: Building on its global RMB cash pooling solutions, Citi has today announced the implementation of its first RMB Cross-Border Auto Sweeping structure from China to London. The latest development allows Citi to have live automated RMB cross-border sweeping capabilities in China, Hong Kong, Singapore and London. 

Citi’s global concentration engine allows clients to sweep true end-of-day balances into London without any loss of value. This platform also comes with tracking and reconciliation of intercompany loan positions, automated mechanisms to control lending positions, as well as reporting to meet local regulatory and reporting requirements.

Rajesh Mehta, EMEA Head of Citi’s Treasury and Trade solutions said: “Automated RMB sweeping to London is an important addition to Citi’s RMB footprint given that London has traditionally been the centre for managing currency risk. We have a number of clients already manually concentrating their RMB into London as part of multi-currency pools to leverage RMB liquidity and centralize management of FX exposures; our new automation capability makes this process even more efficient for clients.” 

Sandip Patil, APAC Head of Liquidity Management added: “With our local depth and global concentration platform, Citi enables our clients to integrate RMB effectively into their treasury and liquidity structures, irrespective of location, truly paving the way for the RMB’s development as an international currency. Our success in replicating our G10 expertise and capabilities into the RMB space is playing a critical role for our clients.”

The structure has been put in place for Swiss based company Pentair – a global water, fluid, thermal management and equipment protection partner – and was implemented using Pentair’s registered entity in the Shanghai Free Trade Zone (SFTZ), thus enabling the company to integrate their daily working capital RMB balances into their global cash pool. Benefits will include improvements in the company’s liquidity management, capital utilisation efficiency, reduced cost in cross-border transactions, as well as intragroup financing and foreign exchange benefits.

Terri Scherber, Senior Treasury Director at Pentair, said: “Pentair was keen to take advantage of the newly deregulated SFTZ policies and connect our domestic RMB funding structures to our global liquidity pool. Citi’s automated sweeping solution now provides us a much more efficient way of managing this process.”

Amit Agarwal, EMEA Head of Liquidity Management Services said: “Citi has one of the most extensive geographic and currency footprints, supporting some of the most sophisticated treasury management structures. The incorporation of RMB into London-based cash pools will be of significant benefit to both Chinese and multinational companies in the SFTZ, allowing them to capitalise on interest increases, effectively offset overdrafts in low yield hard currencies, as well as achieve greater visibility and improved risk management.”

Most recent episodes

The Future of ESG in Treasury

In this podcast, Melissa Moi, Peter Jameson and Venkat ES from Bank of America join TMI’s Eleanor Hill to determine where the ESG journey is heading next. Our expert panel consider how changing regulation, technology solutions and metrics including ESG KPIs...


HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...


HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...


The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...


HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....


Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...


HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...


Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...


Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...


Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...