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Sumitomo Mitsui Banking to provide capital pooling services in Hong Kong

Sumitomo Mitsui Banking Corp. will provide a unified money management service called capital pooling to aid Hong Kong business in passing Chinese yuan across the Chinese border, The Nikkei reported Jan. 20.

The bank's service will enable Hong Kong businesses to use yuan on both sides of the border through a company in the Guangdong Province free trade zone.

While China severely restricts cross-border capital flows, it places less constraints on pooling.

Sumitomo Mitsui Banking is a unit of Sumitomo Mitsui Financial Group Inc.