To Create a Payment in Chinese Renminbi
If required, follow the instructions above in order to create a new payment. Thereafter, follow these specific steps to create a compliant Renminbi payment.
There are three data requirements when creating a payment:
- Payment Purpose Code
- Proof of Trade reference
- CNAPS number
1. Payment Purpose Code
For RMB payment instructions to LBG with a value date of 2nd February 2015 onwards you will need to include the most appropriate of the following four Purpose of Payment Codes:
Description of Payment Purpose Codes
- Trade/Goods - Cross-border settlement conducted for trade in goods, general merchandise, goods for processing, goods required for repairing, goods procured in ports by carriers, transactions to be settled by letter of credit, bills for collection, payment of import equipment and advanced payment, etc.
- Trade/ Services - Cross-border settlement conducted for trade in services, including bill payments, services or fees relating to transportation, construction, financial services, computer and information services, sports, utility bills, legal and medical fees, etc.
- Current/TRF - Income and current transfers, remittance of profits, bonus, dividends, tax and scholarships, etc.
- Capital/TRF - Capital account transactions, capital injection, capital reduction, capital payment, direct investment, shareholder’s loan/repayment, funds transfers for foreign direct investment (FDI) and RQFII projects.