On March 24, Sinochem and the Beijing Branch of Standard Chartered Bank signed the cooperation agreement on RMB business, which is the first RMB cooperation between Sinochem and a foreign bank since Beijing opened the RMB business at the end of last year.
As a leading bank in global trade financing, investment bank services, financial consulting and derivatives, Standard Chartered has cooperative with Sinochem for more than 10 years. Especially in recent years it has been providing Sinochem with financial management and financing services and become one of Sinochem's strategic bank partners.
Sinochem exercises the centralized management of domestic RMB and overseas US dollars, and it is a new goal of the company's fund management to continue seeking flexible flow of funds globally and manage funds in a concentrated way. To realize the synergy of RMB management and foreign currency fund management is the major driving force for the cooperation between Sinochem and Standard Chartered.