On June 18, during the cross-border bank-enterprise cooperation special event of the Cross-border Payment System for RMB (CIPS), the CIPS RMB international letter of credit business was officially launched.
The event was attended by relevant overseas branches of the five major state-owned banks, foreign banks such as Standard Chartered Bank, HSBC, Kasiah Bank, and Brazil’s Master Bank, as well as enterprises including China Minmetals Corporation and China General Technology Group.
Letters of credit are one of the most commonly used settlement methods in international trade.
The CIPS international letter of credit service is an information service launched by cross-border clearing companies to facilitate market entities in conducting international trade settlement in RMB.
The launch of this business is of great significance for optimizing bilateral RMB trade settlement between China and various regions around the world.
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