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TISCO To Become A First Operation Service Enterprise Of Cross-border RMB Fund
By Chen-yan UpDate
2015-03-26
A few days ago, TISCO Group Co., was filed and approved inside Shanxi Province by Taiyuan Branch of the People’s Bank of China to become a first transnational enterprise group to be allowed to start operation service business of cross-border RMB fund. TISCO Financial Corporation, as a main sponsored enterprise, will be authorized to manage the service business of cross-border RMB fund of TISCO Group Co., relying on the global management platform of Bank of China.
With being accompanied by the advancing of RMB internationalized progress strategy, the Poeples’s Bank of China in Nov. 2014 issued《Notice To Start Operation Service Business of Cross-border RMB Fund of Transnational Enterprise Group》（【2014】No. 324），officially initiating the operation service business of cross-border RMB fund all over China, this is an important trial of capital accounts in China.
The qualification of this service business of cross-border RMB fund opens up the passageway of inward and outward RMB fund bidirectional flow, and TISCO will start the service business of adjustment and gathering of cross-border RMB surplus and shortage between non-financial member enterprises inward and outward border in light of TISCO’s own business and management requirement，which brings a great convenience to the operation service and management of cross-border RMB fund. In the future, TISCO can utilize inward and outward two markets and two resources to allocate the funds inward and outward in a bid to further optimize the financial management and enhance the service efficiency of fund.