Cash management: A revolution in cash for China
Demand for sophisticated cash management services in China is rising as the authorities press for greater business efficiency at home and Chinese corporates expand their foreign operations. Renminbi liberalization is another driver.
For many global lenders, China once embodied both ends of the financial spectrum, but little in between. Banks until very recently harboured fantasies of becoming local retail banking powers; others coveted plum mandates on mainland stock sales. A very few desired both.
Fewer focused on the middle ground, often for good reason. Transaction banking, the heart and lungs of global banking, offered much in the longer term, yet it remained wrapped in red tape.