Citi Completes the First Cross-Border RMB Lending Transaction

Shanghai - January 24, 2013 – Citibank (China) Co., Ltd. (“Citi China”) today announced the completion of its first cross-border lending transaction in Renminbi (RMB).

This transaction, conducted on behalf of a European food company, is structured to optimize the company’s treasury activities by leveraging its China operation’s surplus cash. The lending to its group treasury center in Singapore is a critical step to expand and include RMB into the company’s treasury management currency basket.

Yigen Pei, Country Head of Citi Transaction Services for China, said, “We are excited to bring this milestone transaction to realization. This creates a new treasury solution which will help our clients to connect China with their regional and global treasury centers and achieve greater efficiency in their global fund usage and allocation.

“This will also signify important progress of RMB internationalization by establishing a bigger role for the currency in multinationals’ treasury management globally. Citi is an active participant and driver in RMB internationalization initiatives in China. With Citi’s unmatched global presence and expertise in global liquidity management, we work closely with our clients to achieve their treasury management strategy and objectives by providing cross-border solutions, such as this, under the backdrop of the fast development of RMB going offshore,” Pei added.

The People’s Bank of China first introduced the RMB cross-border initiative in July 2009 to provide companies with greater foreign exchange savings and operational efficiencies as well as to promote the internationalization process of RMB. Since then, Citi China has achieved a number of “firsts” in assisting its clients to optimize their treasury management through the cross-border usage of RMB, including the first RMB capital injection in China, the first RMB L/C (Letter of Credit) for Sino-Africa trade, the first RMB cross-border re-invoicing center solution, and the first RMB cross-border netting solution for a European chemical company which has allowed its China entity to be added into its global netting center to settle transactions in RMB directly.

Amol Gupte, Region Head, Asia Pacific of Citi Transaction Services, said, “As the leading global transaction bank, Citi is proud to offer RMB-based liquidity management solutions to our clients, connecting Shanghai with other global financial centers such as Hong Kong, Singapore, as well as London, and to be actively supporting the advent of the world's newest global currency.”


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About Citi Transaction Services
Citi 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 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody. In 2012, Citi held on average $428 billion in liability balances and $13.2 trillion in assets under custody.