On February 21, Bank of China Shanghai Branch, along with Macau Branch and Singapore Branch, successfully completed a cross-border lending transaction worth RMB100 million for Shanghai Free Trade Zone United Development Co., Ltd.. It was the first cross-border RMB loan transaction in support of the construction of China (Shanghai) Pilot Free Trade Zone ("CSPFTZ").
The Notice on Supporting Wider Cross-border Use of Renminbi in the China (Shanghai) Pilot Free Trade Zone promulgated by the People's Bank of China Shanghai Head Office marked the official enforcement of relevant policies on expanding cross-border use of RMB in CSPFTZ. With a view to serving the real economy and fully leveraging its integrated advantages both at home and overseas, BOC successfully completed the first transaction of its kind on the first day when the detailed rules on expanding cross-border use of RMB in CSPFTZ were launched.
Shanghai Free Trade Zone United Development Co., Ltd., as the only principal for developing Yangshan Free Trade Port Area of CSPFTZ, takes the responsibilities of development, construction, investment and investment attraction, among others, for the free trade port area. The RMB100 million loan from BOC will be used for the day-to-day operation, maintenance and management of standard plants, bonded logistics warehouses and office buildings in Yangshan Free Trade Port Area.
On the same day, BOC also entered into an overseas RMB loan agreement worth over 200 million yuan with China Shipping International Ship Management Co., Ltd. (one of the first shipping services enterprises registered in CSPFTZ), to supplement its working capital for day-to-day operation in CSPFTZ. In addition, BOC and BOCHK jointly closed the first two-way RMB cash pooling deal with Greenland Holding Group (Shanghai) International Investment Co., Ltd. after the launch of the aforesaid detailed rules.
As a market leader in cross-border RMB business and with a globally distributed clearing system and diverse RMB products and services, BOC has built an integrated financial services system comprising cross-border RMB settlement, cross-border RMB trade finance, cross-border RMB cash management and cross-border RMB direct investment. By centering on the reforms carried out in CSPFTZ, BOC will further exert its unrivalled advantages in internationalization and diversification over a century of development, and provide higher-quality and more efficient financial services to clients.
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