CCB handles first centralized operation service for cross-border funds in Lin-gang
China Construction Bank (CCB) recently handled centralized operation service for the multinational corporation cross-border funds of Shanghai Lingang Economic Development (Group) Co Ltd (Lingang Group).
The services, which were the first integrated capital pool of both local and foreign currencies since the establishment of the Lin-gang Special Area, were strongly supported by the Shanghai branch of the State Administration of Foreign Exchange.
The service marks a significant step forward for the several suggestions on further accelerating the construction of the Shanghai international financial center and financial support for the integrated development of the Yangtze River Delta, released by Bank of China (BOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the Shanghai Municipal Government on Feb 14.
Lingang Group is the official development company for the Lin-gang Special Area. According to the company, the establishment of a cross-border capital pool will establish a fast and convenient circulation channel for capital from overseas investment and financing platforms, which are helping develop the Lin-gang Special Area.
CCB, the bank responsible for the centralized operation service for cross-border funds, plans to provide efficient and convenient integrated settlement and exchange services for Lingang Group's domestic and foreign investment and financing funds, as well as policy guidance for the centralized operation service for cross-border funds.
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