Citibank Korea to Launch Yuan Settlement Services

- Local companies trading with China to benefit from reduced foreign exchange commission and exchange rate risks

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2010-08-01 09:30

서울--(뉴스와이어)--Citibank Korea, Inc. (CEO, Ha Yung-ku, www.citibank.co.kr) is launching its yuan transaction services on August 2, targeting domestic companies that have trading relationship in total 20 Chinese province-level regions, including Beijing, Shanghai, Tianjin and Chongqing. These regions have been selected as pilot cities for the government-sponsored yuan settlement program.

Citibank Korea will handle yuan transactions through an account in Citibank Shanghai, and allow domestic corporate clients to conduct cross-border trade payments as well as service-related transactions in yuan. Domestic companies can carry out international wire transfers, L/C (Letter of Credit) related transactions and export bill of exchange negotiations in the Chinese currency through Citibank’s services.

Domestic companies can benefit from lower foreign exchange commission fees as the yuan transaction services removes unnecessary exchange to USD. Also, corporate clients will be able to reduce foreign exchange risks by taking advantage of yuan’s relatively stable exchange rate.

Coming in line with the Chinese government’s yuan settlement program, the yuan transaction services appear to become a useful resource for domestic companies with close trading relationships with China.

한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.

웹사이트: http://www.citibank.co.kr