Citi China launches electronic RMB cross-border settlements

SHANGHAI - Citibank (China) says it is the first international bank to launch a paperless processing solution for RMB cross-border settlements following a series of measures aimed at simplifying the cross-border RMB settlement process announced by the People’s Bank of China (PBOC) on July 10. Citi has connected its  electronic banking solution to the Balance of Payment Declaration (BOP) system operated by China’s State Administration of Foreign Exchange (SAFE).