COSCO CENTRALIZES CURRENCY OPERATIONS IN CHINA
The China Ocean Shipping Co. group has set up a treasury currency management department in Beijing as part of a plan to centralize foreign-currency operations and restructure its financial management.
The new Capital Balancing Center of COSCO will deal with currency capital management and balancing.
After the establishment of the department, all secondary and lower level subsidiaries of the group, as well as owned and holding companies and all COSCO centers and other offices, will open accounts with this center to deal with currency capital balancing business.
“This is an important measure for COSCO group to deepen its restructuring reform, strengthen financial management so as to give a full play to the capital advantage of the group as a whole,” a spokesman for COSCO said.