On December 21,2012,Bank of China and Baosteel Group global cash management service overall framework agreement signing ceremony is held in Shanghai.As one of the first batch of"multinational company headquarter funds centralized operational management pilot"enterprises,Baosteel Group will carry out global foreign exchange funds centralized management through Bank of China global cash management platform.Baosteel Group fund director Zhang Yi,Bank of China financial headquarter director Lin Hong sign the agreement on behalf of the two sides.Related leaders from State Administration of Foreign Exchange Shanghai Branch,Baosteel Group and Bank of China attend the event.
Baosteel Group is China's most modern and most competitive iron and steel company.In 2012,for ninth consecutive years,Baosteel Group enters"Fortune 500"list and is elected as"the world's most respected company".Rating agencies such as Standard&Poor's,Moody's and Fitch give the highest credit rating in world's iron and steel companies to Baosteel Group.Over the years,Baosteel Group actively implements"going out"strategy and its branch offices cover the globe.With the implementation of international operation strategy,financial service needs including global foreign exchange funds centralized management are increasingly highlighted.
Since its establishment in 1912,after a hundred years,Bank of China has become China's most internationalized and diversified commercial bank,providing customers around the world with a full range of professional financial products and services.Over the years,Bank of China has been committed to creating"BOC global cash management"comprehensive professional service.Through providing customers with fast,convenient,value-added funds management services,it provides the solution for group corporate global financial integration.Over the years,Bank of China actively involves in and fully supports Baosteel Group"going out"projects,including working as exclusive underwriter of Baosteel Group's successful issuing of 2.9 billion yuan dim sum bonds in Hong Kong in February this year.
In Baosteel Group's implementation of international business strategy,Baosteel Group needs to strengthen cooperation with banks and needs banks'full support in global cash management service.The two sides'cooperation this time is a win-win cooperation.For Baosteel,global foreign exchange funds centralized operation and management will favor the use of domestic and foreign financial markets,enhance the level of capital controls and enhance the ability to resist risks;For Bank of China,it helps to improve its global financial services.
This time,Bank of China and Baosteel Group's cooperation in promoting multinational company headquarter foreign exchange funds centralized operation management pilot business in-depth development is an effective attempt in China's foreign exchange funds management innovation.An important step has been taken in Shanghai multinational company headquarter funds facilitation operation and it will promote construction of Shanghai as international financial center and international trade center.