Citi Launches RMB Trade Settlement in Sri Lanka
Sri Lanka - January 12, 2012 – Citi’s Global Transaction Services has announced the launch of RMB settlement services in Sri Lanka. As the trade volumes between Sri Lanka and China continue to grow, this solution supports Sri Lankan companies by eliminating crosscurrency exchange risks.
Developed to serve corporations involved in international trade, Citi’s RMB settlement services enable companies to open and maintain RMB accounts in RMB with Citi, and make RMB payments directly to beneficiaries. This service has been made possible by the recognition of the RMB as a settlement currency by the Central Bank of Sri Lanka.
Dilshan Seneviratne, Head for Citi’s Global Transaction Services in Sri Lanka, noted, "Citi is committed to providing our clients with innovative solutions that allow them to make their business more effective. We saw the recognition of the RMB as a settlement currency by the Central Bank of Sri Lanka as an opportunity to help our clients eradicate currency exchange risks. This realization drove the launch of the RMB Settlement services in Sri Lanka."
The launch of Citi’s RMB settlement services reaffirms Citi’s leadership in both Global Transaction Services and across Asia Pacific.
Sri Lanka is a market for Chinese goods, services and labor, and runs a sizeable, and growing, bilateral trade deficit. Today, China finances the majority of Sri Lanka’s largest infrastructure projects, provides credit, and is the one of the biggest investors in the country. China remains a key market for the Sri Lankan Government in supporting its ongoing economic growth.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.