OREANDA-NEWS. December 11, 2012. Bank of China Limited and China Shipping (Group) Company (hereinafter referred to as “China Shipping”) held a symposium in Shanghai, in which they initiated pilot business of centralized operation and management of foreign exchange funds for headquarters of multinational enterprises, reported the press-centre of Bank of China.

By achieving mutual use of enterprises’ domestic and overseas funds pools, such pilot business aims to facilitate the accumulation, financing and operation of enterprises’ domestic and overseas funds through the bank’s global cash management platform, and to establish a Global Funds Management Center for headquarters of multinational enterprises with Shanghai as the center.

Since its foundation in 1912, BOC has now, after a century’s development, been developed into the most international and diversified bank in China which provides comprehensive and professional financial services for customers worldwide. In 2012, BOC was again elected as a G-SIFI, still being the only bank that was elected from emerging economies and regions. BOC will continue consolidating its advantages as an international bank, further promote the level of diversified operation, and speed up the building of a world-class large multinational operation bank group.

Shanghai-based China Shipping is a state-owned shipping enterprise adopting international operation, which has assets of RMB180 billion in total, annual sales revenue of nearly RMB80 billion, and operates more than 500 various ships with a total deadweight of 30 million tons. Over the 15 years since its establishment, China Shipping has been actively implementing the strategy of “Go Global”, and with its more than 300 branches, representative offices and marketing networks in 90 countries and regions, it has realized great-leap-forward development. With the development of overseas businesses, the needs for China Shipping to realize centralized management of global funds, risk control of funds and improvement of funds efficiency have become more prominent.

As strategic partners, BOC and China Shipping have found a new coincident point in improvement of centralized operation and management of foreign exchange funds. With the guidance and support of relevant state departments and local governments, the pilot programme of centralized operation and management of foreign exchange funds for headquarters of multinational enterprises is increasingly mature.

The implementation of the pilot programme enables China Shipping to carry out centralized operation and management of domestic and overseas funds, improve the level of funds management and control by actively utilizing domestic and overseas financial markets, and enhance the capability in shielding against risks, so as to secure the “Go Global” of enterprises. In the meantime, it is also of help for financial enterprises to improve their capabilities in global services.

The pilot business jointly launched by BOC and China Shipping to advance the centralized operation and management of foreign exchange funds of the headquarters of China Shipping is a milestone in facilitation operation of foreign exchange funds for multinational players headquartered in Shanghai, which is a favorable attempt to innovate the management of foreign exchange funds in China, and will certainly further push forward the building of Shanghai into an international financial center, international trade center and international shipping center.