Siemens Sees Growth in New Cross-Border Trade Renminbi Account
Published: February 10, 2014
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Renminbi (CNY) introduced as additional “regular” currency for cross-border invoicing and payments |
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Growing demand for cross-border business with China in CNY since October launch |
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Benefits include improved competitiveness, simplified administration, removal of FX risk for customers and suppliers |
Munich - Siemens has introduced the Chinese renminbi (CNY) as an additional “regular” cur-rency with the same payment status within the company as other established cross-border trade-settlement currencies like U.S. dollar (USD) and Euro (EUR). Siemens AG and its subsidiary companies can now issue external and intercompany CNY invoices as well as make CNY payments for cross-border trade of goods and ser-vices.
The full text can be found in the press release PDF.