News Column

China : ABC Transacts First RMB L/G for Peru

May 27, 2014

Agricultural Bank of China Limited (ABC) recently issued China s first RMB Letter of Guarantee for Peru. ABC s Shandong Branch and Peru s InterBank Group jointly transacted the RMB200 million domestic guarantee for overseas loan business for a large wholesaler of mineral products.

The success of this RMB Letter of Guarantee underscored ABC s ground-breaking cross-border RMB business in Peru, and met a need in the Peruvian market in terms of ABC s international business. This issuance also marked a major step by ABC to provide financial support for enterprises exploring the South American market.

In response to the national strategy of expanding cross-border RMB use , ABC is committed to innovating and promoting cross-border RMB business. By optimizing service procedures and launching innovative products, ABC provides comprehensive financial services for going global enterprises and meets their diverse financial needs. In 2013, ABC transacted RMB1.1 trillion in cross-border RMB settlement, up 96% year on year. In the first quarter of this year, its domestic branches handled RMB257.8 billion in cross-border RMB settlements, up 126% year on year.

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Source: TendersInfo (India)

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