Skip to main content

PNC China

Resources for Business Success in China.


How PNC Can Help You Succeed in China

China is a key trading counterparty for many countries and is an important market for many companies around the world.  As the economic influence of China and its currency - the renminbi (RMB) - on international commerce grows, PNC offers solutions and resources to help you succeed in this vital market.

We can help you take advantage of the growing role of the RMB in international trade with hedging tools and payment options to help you manage risk, improve your competitive position, and increase profitability. In addition, PNC’s Shanghai Representative Office provides support and insight to help U.S. companies navigate the day-to-day challenges of doing business in a changing China.


A Strategic Approach to Your China Business

According to SWIFT, renminbi is currently the fifth largest global payments currency, making it an increasingly significant component of international trade.[1]

Pay in local currency to potentially lower your costs and improve payment terms.

  • The administrative cost of paying in US dollars can be 2% to 3% higher than dealing in local currency.
  • Suppliers who invoice in renminbi no longer have to build in a buffer for potential exchange rate movements.
  • A highly liquid renminbi forward market facilitates hedging your currency risk.
  • Easily use renminbi in payments in and out of China.
  • Make spot and forward payments in renminbi.
  • Purchase and sell renminbi on behalf of companies doing business in China.
  • Structure deliverable forward hedges denominated in renminbi for payment into mainland China.

Take advantage of cost reduction while managing currency risk.

  • Increase the effectiveness and decrease the overall cost of hedging with deliverable forward and option strategies.
  • Manage onshore renminbi (CNY) exposures through non-deliverable forwards.
  • Hedge renminbi payables or receivables readily in a highly liquid market to keep the cost of hedging low.


Chinese Renminbi Internationalization:
Guide to Recent Developments

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 »


Solutions to Help You Succeed

PNC Multicurrency Accounts

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.

  • Streamline your Chinese cash flow by setting up a demand deposit account (DDA) that holds Chinese renminbi instead of U.S dollars.
  • Easily view deposit and withdrawal details through PINACLE®, PNC's top-rated online corporate banking portal.
    Learn more »

PNC’s Import and Export Services

Support and simplify your international commercial goods purchases and sales. PNC’s Import and Export services can help you:

  • Streamline document exchange.
  • Reduce payment or collection risks.
  • Facilitate your financial transactions.

Learn more »

RMB Payments Capability

PNC offers the ability to initiate and receive cross-border payments in the RMB currency.

  • RMB payments may be initiated from and received into a USD demand deposit account or PNC multi-currency accounts, including in the RMB currency.
  • Foreign Exchange hedging solutions are available to mitigate risk associated with currency fluctuations.


China Banking Referrals

PNC can help you open and manage accounts with a local banking institution in China.

  • PNC can facilitate introductions for in-country accounts that are handled directly between client and foreign bank.
  • Our team serves as the intermediary between you and the member bank and can assist you with understanding the process and completing the documentation.

China Insights[2]

Go International

Navigating China's Regulations on Foreign Exchange Goods Trade

This article helps provide companies that conduct cross-border goods trade with a general understanding of basic foreign exchange trade regulations.

5 min read

Go International

Taxes in China: A Quick Reference Guide

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

Go International

How to Create a Legal Entity in China

As you enter the Chinese market, the first step is to create and register your company as a legal entity.

4 min read

Deep Local Knowledge

PNC’s Shanghai Representative Office provides on-the-ground insight and support to help U.S. companies navigate the day-to-day challenges of doing business in China. Individuals with deep local knowledge and fluency in both English and Mandarin can:

  • Provide guidance with selecting and opening local bank accounts & with advice on the process and intricacies of obtaining financing from banks in China
  • Provide guidance on China banking regulations and market/business environment.
  • Setup introductions to local government and industrial zone officials, development offices, banks, accounting and law firms, the State Administration of Foreign Exchange (SAFE) and other local resources.
  • Deliver business news/updates and in-depth analyses on key economic news and development.
  • Help to connect you with parties that can assist with banking- or China-related issues, including status of wire transfers, documentary collections, and standby letters of credit by utilizing existing correspondent banks networks and contacts.


PNC Shanghai Representative Office

Grace Zhu

Chief Representative

Read Bio »



Jenny Xu

Deputy Representative

Read Bio »



Grace Zhu
Chief Representative

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.

Jenny Xu
Deputy Representative

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.

PNC’s Shanghai Representative Office:

+86-21-6335 0268

1. ** Source: RMB Tracker, April 2023
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 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.

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.