RMB is now second most-used LC currency
Dec 4, 2013
"More LCs, please", say Chinese treasurers: Citi
Australian treasurers and CFOs say Chinese counterparts are requesting more LCs are part of their trade negotiations. The LCs are allowing the Chinese firms to line up better financing rates offshore.
Chinese corporates are using their newly-found negotiating clout to secure more letters of credit, Citi believes. In a trade finance survey for Citi and conducted by East & Partners, out of 862 Australian CFOs and treasurers, 83% considered their Chinese trading partners to have the “upper hand” in negotiations.
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