Citibank China has launched a range of Renminbi cross-border auto sweeping services to facilitate RMB cross-border lending transactions.

The launch is a milestone for Citi, which boasts of a capability to perform end-of-day cross-border sweeps that offer same day value propositions. The decision to enhance its liquidity management offering is a result of increased attention toward RMB lending, particularly after the People's Bank of China expanded its RMB pilot program in July 2013.

"In light of the RMB becoming an increasingly important global currency, the launch reinforces our offerings and brings process efficiency to our clients for cross-border lending activities," said Yigen Pei, country head of Citi's treasury and trade solutions division for China.

Citi has been growing its liquidity management product in the country since pooling was first started in China in 2003. It is one of the first banks in the country to provide domestic pooling services in both RMB and foreign currencies, as well as provide tax structures and multi-currency notional pooling. 

Pooling is a liquidity management system often adopted by treasuries to better manage cash flow from a centralised location. It can also help firms manage money in multiple currencies without altering foreign exchange exposures.