Tag: bill financing

As of next year, commercial drafts worth $450,000 or more will have to be conducted electronically, China’s central bank has ordered. The move follows a string of fraud cases.

In China, regulators have tightened their grip on the bill financing sector in the wake of a series of fraud cases. But companies are desperate for a quick risk-management cure.

The world’s biggest lender by assets, ICBC, is under investigation over a fraud case discovered in the nation’s e-commercial draft system.

Hong Kong cracks down on fake trade invoices from China; PBoC/CBRC release bill financing rules; US adopts measures against tax evasion; PBoC permits broader access to interbank RMB bond market; FASB issues narrow-scope improvements to new revenue standard; RBA sets up benchmark on cash rate investment; and much more…

A huge fraud case reported by China’s Bank of Tianjin under its bill financing business has cast a larger shadow over trade finance governance in the country.