Top Japanese lender MUFG Bank has received approval from Chinese authorities to conduct fund transfers overseas for choose purchasers in a method that reduces scrutiny by Beijing and slashes paperwork.
The clearance applies to MUFG Bank purchasers based mostly in Shanghai’s Lingang financial improvement zone. A gaggle firm beneath Japanese buying and selling home Itochu has begun utilizing the service.
These purchasers are exempted from China’s requirement that corporations sending funds throughout the border submit paperwork detailing info similar to the aim of the switch. Authorities scrutinize motion of cash to forestall capital outflow and to stabilize the worth of the yuan.
The requirement creates a heavy workload for corporations, which should present banks with paperwork similar to enterprise contracts and invoices.
Lingang is a part of Shanghai’s pilot free commerce zone, which gives incentives to attract main corporations.
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