UOB sets up new renminbi solutions unit

Singapore

UOB has set up a new unit to help companies manage their cross-border business in yuan, as it seeks to tap on the currency's ongoing internationalisation amid weakening overall demand for trade finance.

Its "renminbi solutions" team will give companies advice on how "policy and regulatory changes designed to accelerate the internationalisation" of the yuan will affect their business, the bank said in a press release on Wednesday, adding that the unit will also provide financial solutions in the areas of cash management, foreign exchange, investment and hedging.