Citibank expands its range of offerings in the Shanghai Free Trade Zone with the launch of a new foreign currency treasury solution.

Citibank has expanded its Renminbi-linked business with the launch of a new cross-border treasury centre in the Shanghai Pilot Free Trade Zone.

Under this new foreign currency structure, companies will be allowed to centralise their fund management functions by integrating FCY cross-border pooling and payment netting. Through it, a multinational firm, for instance, can use its SFTZ-registered entity as the lead vehicle to integrate the group's domestic cash pool and its global cash management system. This leads to greater treasury management efficiency, said the firm in a statement.

Citi officially opened a sub-branch in the SFTZ in March, from where it provides a full range of foreign currency and RMB services, including global cash management, cross-border trade finance and financial market products. The FTZ itself was launched in September 2013. Citi was among the first batch of banks to receive approval to start operations in the area.