Pay in local currency to potentially lower your costs and improve payment terms.
Take advantage of cost reduction while managing currency risk.
Various transactions, including but not limited to trade (goods trade, service trade), cross border lending/borrowing, profit repatriation, registered capital injection, can now transact and settle in RMB. The RMB now trades directly against most major currencies, adding depth to the RMB foreign exchange market. Learn More »
PNC's multicurrency accounts can help you make it easy to manage and move money denominated in different currencies without the need to open accounts with foreign banks.
Support and simplify your international commercial goods purchases and sales. PNC’s Import and Export services can help you:
PNC offers the ability to initiate and receive cross-border payments in the RMB currency.
PNC can help you open and manage accounts with a local banking institution in China.
This article helps provide companies that conduct cross-border goods trade with a general understanding of basic foreign exchange trade regulations.
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Once your company is established in China it will be subject to taxes and regulations. Learn more with this quick reference guide.
2 min read
As you enter the Chinese market, the first step is to create and register your company as a legal entity.
4 min read
Grace Zhu, Chief Representative is responsible for PNC’s business in mainland China and Hong Kong.
She has more than 28 years’ experience in the banking industry in Shanghai including check clearing, payments, cash management, trade finance and loans business. She is familiar with the China banking regulation and has long term good relationship with the banks in China. Prior to joining PNC Bank, she served HSBC, American Express Bank and Standard Chartered Bank.
Zhu holds a bachelor’s degree in finance and taxation from Shanghai University of Finance & Economics and a master’s degree in business administration from the joint program of Shanghai University of Finance & Economics and Webster University.
Chris Chen, Representative provides clients with advisory services and guidance on Chinese banking, trade and payments services and assistance with establishing local accounts and credit across Mainland China.
Chen has extensive domestic and international payments experience working with PNC’s Treasury Management group. Prior to joining the China office, he managed PNC’s Automated Clearinghouse (ACH) services and product development for International Cash Management services, including European and RMB offerings.
He has a bachelor’s degree in economics and music from the Schreyer Honors College, Pennsylvania State University, and holds a certificate in International Cash Management (CertICM). Chris is originally from Taiwan and is fluent in Mandarin.
Jenny Xu, Deputy Representative, has worked in the SRO for 8 years and has handled customer inquiries, including cross boarder payment, L.C., guarantee and additional areas. She also handles validation and collects news and information regarding projects, companies or markets in which the customers has been involved.
Xu holds a bachelor’s degree in English and Economics from East China University of Political Science & Laws and East China Normal University. She is fluent in Mandarin and English.
1. ** Source: RMB Tracker, Feb 2020
2. The information and materials were prepared for general information purposes only and are not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, including with respect to any securities of PNC, and do not purport to be comprehensive. Under no circumstances should any information contained in these materials be used or considered as an offer or commitment, or a solicitation of an offer or commitment to participate in any particular transaction or strategy. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any opinions expressed in these materials are subject to change without notice.
PNC, PNC Bank and PINACLE are registered marks of The PNC Financial Services Group, Inc. ("PNC").
PNC Bank, NA’s (“PNC”) Shanghai Representative Office was approved by the China Banking Regulatory Commission on April 16, 2008. PNC’s Shanghai office is prohibited from engaging in any form of operational business activities in compliance with the People’s Republic of China on Administration of Foreign-funded Banks released by the State Council. Accordingly, PNC’s Shanghai Representative Office does not accept deposits, underwrite loans or issue credit of any kind, or sell wealth management products in China. Any activities of these types in China using the PNC name or trademarks are not authorized by PNC.
Earnings Credit and Interest eligibility and rate are variable and subject to change at any time without notice or limit. PNC reserves the right to charge an Account Balance Fee on certain currencies. Foreign exchange restrictions may apply.
PNC does not charge a fee for the mobile banking service. However, a supported mobile device is needed to use mobile banking. Also, your wireless carrier may charge you for data usage. Check with your wireless carrier for details regarding your specific wireless plan and any data usage or text messaging charges that may apply.
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