Citibank (China) Co Ltd said on Thursday it had completed its first cross-border lending transaction in yuan.

The bank said the transaction was conducted on behalf of a European food company, and was structured to optimize the company's treasury activities by leveraging its China operation's surplus cash. The lender declined to provide financial details.

Lending to the company's group treasury center in Singapore is a critical step to expand and include yuan in its treasury management currency basket, it said.

China Daily - Agencies

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