Cross-currency letters of credit gaining | Foreign exchange Information
Divergent central bank insurance policies see CNH LCs more and more used to cowl USD invoices
Sellers in Asia are seeing rising curiosity in cross-currency letters of credit (LCs), with customers trying to take benefit of preferable rates of interest to finance dollar-denominated trade with foreign exchange.
Letters of credit are a common trade finance product issued by banks and function a purchaser’s guarantee of fee to the vendor till the ultimate bill is settled. The currency of the LCs is historically in keeping with that of the underlying trade bill, often denominated in US
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