Foreign Exchange Settlement (Pay CNY to China)
Introduction
After collecting overseas revenue, businesses often need to convert foreign currency back to their domestic currency and transfer it to a domestic account for local use. This use case — commonly known as foreign exchange settlement (Pay CNY to China) — is targeted towards Chinese enterprises and businesses that collect revenue overseas in currencies like USD, EUR, and GBP, and need to convert and repatriate funds to their domestic CNY account.
For example, a Chinese exporter receiving USD payments from international buyers can use Treasury Autopilot to monitor incoming funds, lock a favourable CNY exchange rate, execute the FX conversion, and pay out to a domestic bank account — all within minutes.
Example
Let's say you are a Chinese exporter that receives USD payments from buyers in the United States. Your World Account collects the USD revenue, but your operating expenses, supplier payments, and payroll are all in CNY. You need to convert USD to CNY and transfer the funds to your domestic bank account as quickly as possible to maintain cash flow.
The high-level user journey looks like the following:
- You monitor incoming funds via Query Account Balance APIwebhook.
- You query the CNY exchange rate using Query Rates APIand lock it with Create a QuoteAPI.
- You execute the FX conversion and payout to your domestic account using Create a Settlement APIand Create a PayoutAPI.
- You generate an audit trail for compliance using List Balance History API.
Building it with WorldFirst
Monitoring incoming funds
Subscribe to Query Account Balance
API
webhooks to receive real-time notifications when USD funds arrive in your World Account. This eliminates the need to manually check for incoming payments and enables immediate action once funds are credited.Querying and locking the CNY exchange rate
Call Query Rates
API
to check the current USD/CNY exchange rate. When you are satisfied with the rate, call Create a Quote API
to lock it. The locked quote has a limited validity period — execute the settlement before it expires.Executing FX conversion and payout
Call Create a Settlement
API
to execute the currency conversion from USD to CNY. The converted CNY is immediately available in your CNY balance. Then call Create a Payout API
to transfer the CNY to your domestic bank account. For CNY, the payout arrives instantly via the local RTP network.Audit trail for compliance
For regulatory compliance and audit purposes:
- All FX transactions and payouts are recorded with full audit trails.
- Transaction history can be retrieved via List Balance History API.
- Account statements can be downloaded via the Reporting APIs for reconciliation.
- The complete FX settlement record includes the original rate, converted amount, and timestamps for compliance documentation.