Deutsche moves to simplify RMB under PBoC scheme

deutsche-bank-2010

Deutsche Bank today took a big step in pushing the internationalisation of Chinese renminbi (RMB) after it completed the first cross-border transaction with a corporate under a new simplified scheme backed by the country's central bank that waives specific documentation burdens for certain firms.

The simplified RMB cross-border payment (SRCP) pilot scheme has been introduced by the People's Bank of China (PBoC) as part of its commitment to easing the controls on the currency, and in recognition