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TISCO Get Approved for Centralized Operation of Foreign Exchange Funds
By GUO Bin UpDate
2015-07-13
Days ago, TISCO was ratified by Shanxi Branch of State Administration of Foreign Exchange to be an experimental unit for centralized operation of foreign exchange funds of multi-national corporations. Specifically, TISCO Finance Company is the business operator who will rely on bank’s global cash management platform to manage the foreign exchange funds of TISCO group.
In April of 2014, “Regulation on Centralized Operation and Management of Foreign Exchange Funds of Multi-national Corporations (Trial)” was published by the State Administration of Foreign Exchange, to encourage economic development of headquarters of multi-national corporations and to push forward the strategy of capital account convertibility.
This business is deemed as a channel for the foreign capital of multi-national companies to flow in and out. Based on their demands, the multi-national companies can maneuver foreign capital among its non-financial subsidiary companies both home and abroad, as well as conduct discretional FX sale for foreign debt. From today on, TISCO is enabled to optimize its financial management and to improve capital efficiency by taking advantages of market resources in and out of the border.