[Reporter Korea sinyuncheol financial newspaper] announced on the 29th of Woori Bank (Bank yigwanggu) provides a currency trade finance first domestic bank to a local bank in China.
Bank of China / China Transportation and local banks, such as Bank of subject / Agricultural Bank of China / Banks raise a total 85 billion won through China Woori Bank (USD 7,400 million) was granted a fixed-term currency credit credit limit equivalent. This year in April, China Woori Bank was selected as the first domestic banks 'currency clearing banks' supply of liquidity directly to the Chinese foreign exchange market, China won / yuan direct transaction market, market participants have a currency to deal directly liquidation or in It made possible as the act of payment.
Trade finance offering at this time is haejugo immediately deposit the export price to the Bank of Korea's export enterprises in Korean won, by providing trade finance to credit due date, the payment fund principal and interest from the Bank of China local bank income businesses due date It is the way to receive the won (Banker's Usance). As a result, South Korea - China in trade to Korea's export enterprises credit payment due date until we can get a faster export price without having to wait for the export money deposit and glass in capital turnover and liquidity management side, China's imports company also credit payment due date the secured liquidity through a lower interest rate than the yuan currency financing is available.
Woori Bank official said, "Although Korea's export enterprises meantime USD, including using a letter of credit opened in foreign currencies exposed to foreign exchange risk due to exchange rate fluctuations, currency letters of credit has the advantage that payment amount is the foreign exchange risk eliminated because it is defined as a currency" He said, said, "won credit is activated, such as eliminating bias USD exchange through reduced costs and billing currency diversification of the domestic companies are expected to be helpful."
Meanwhile, our banks as a currency liquidated banks in China hanjunggan currency trade settlement, currency export bill purchase, etc., and supports a variety of trade settlement type, last February, China established the Chinese from the foreign currency exchange (CFETS) won-yuan direct transaction market and occupancy of the old work experience and won the won the international payment market development for a variety of services to the local situation in China, which is selected as an excellent market maker.
Daily Economic News Finance FNTIMES - commercial reprint, copy, distribute prohibited purposes under the Copyright Act
Copyright ⓒ Korea's Financial News & FNTIMES.com
