The NeuGroup tests the waters for a new peer group for MNC treasurers based in China.
Cross-border pooling of the renminbi and treasury recruiting were among a few of the topics discussed at a recent meeting of China-based treasury professionals. The meeting, held October 16 in Shanghai, was an exploratory meeting facilitated by The NeuGroup for treasurers of western MNCs based in China.
The intent of the meeting was to introduce the gathering to The NeuGroup’s peer group model by way of explanation and example, and to get their feedback and interest toward establishing a formal group in China for regional treasurers. Here are two of the topics discussed.
Local Knowledge on RMB Program. Some attendees are looking to participate in a pilot programs for cross-border pooling of the RMB being sponsored by SAFE (State Administration of Foreign Exchange) and some PBOC (People’s Bank of China) offices. This generated considerable discussion as it is evidence of the Chinese government further advancing the internationalization of their currency.
Treasury Recruiting Problem in China. Attendees reaffirmed the same concerns about talent recruiting and retention raised at an earlier Asia Treasurers’ Peer Group meeting in Singapore (see related story here).
Attendees discussed their experiences and approaches to this challenge. One participant noted that it has been helpful to proactively give the rising stars from the more challenging countries foreign assignments to keep them interested and engaged. Another participant noted that after sending two employees to the US for an assignment, they returned back to China and promptly left the company. Another factor is job location, or the changing of it. One participant stated that when they moved their office they lost five people.
The meeting concluded with the group affirming the peer group model and agreeing that they would like to move forward with establishing a formal group in China for regional treasurers of large multinationals, pulling from various cities such as Shanghai, Beijing and Hong Kong.