Bank of China Serves China Shipping in Cash Allocation
SHANGHAI, Dec 04, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --China Shipping (Group) Company has completed the first batch of deals for bidirectional allocation of cross-border funds through global cash management platform under Bank of China Limited (BOC, SEHK: 3988 and SHSE: 601988), collecting the first batch of funds from oversea subsidiaries to headquarters. According to the demand of oversea subsidiaries, the headquarters will appropriate money to them through international accounts.
In line with new policies, China Shipping will open special accounts in the service system of BOC for collecting foreign exchange funds from subsidiaries. Besides bidirectional allocation of cross-border funds, the special accounts can also serve domestic subsidiaries in collective payment of current accounts and settlement of cargo trades.
Insiders from China Shipping pointed out that the pilot business will lower financial costs, boost proceeds and avoid exchange risks.
Source: www.yicai.com (December 04, 2012)
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