Citi enters RMB remittance agreement with Bank of China



image Citi’s Global Transaction Services and Bank of China set up RMB remittance deal. Under this agreement, Citi can now supply its clients with RMB cross-border funds transfers to China for the first time that will let it expand the business.

Citi- Bank of China collaboration will open up the global remittance space into China for Citi, limited previously to US dollar denominated transactions.

In turn, Bank of China will get advantages from by providing Citi and its broad client base the ability to initiate RMB remittances to China. Bank of China intends to allure remittance flows to its China-based branches catering to client demands for enhanced remittance services.

As Dianne Challenor, Managing Director, Regional Head of Payments, Receivables and Information Services, Asia Pacific, Citi, stated, Citi-Bank of China collaboration demonstrated a long-term commitment to future remittance flows of Bank’s clients mainly because China’s share of global remittances to grow continuously and clients are turning to their local banks to cater their increasingly international requirements.

ECJ




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