Two Loans Issued Within Three Months! SCODA's Foreign Currency Financing Business Under the Item of Currency Swap Steadily GrowsOn August 13, guided by the People's Bank of China, Qingdao Central Sub-
On August 13, guided by the People's Bank of China, Qingdao Central Sub-branch, Qingdao Bank of Agriculture and Commerce accurately applied the policies for multi-currency trade finance under the item of currency swap agreement, and issued the first loan of 20,000 Singapore dollars for a grain and oil enterprise at the SCODA. On May 14 this year, Qingdao Rural Commercial Bank has also issued the first loan in Korean Won under the item of currency swap agreement for another enterprise at the SCODA. Issuing two loans under the item of currency swap agreement within three months satisfied the multi-currency financing demand of the companies based at the SCODA, and provided the companies with a new channel of cross-border financing.
Currently, the People's Bank of China has signed bilateral domestic currency swap agreements with the central banks or currency authorities of 40 countries or regions totaling 3.8 trillion yuan. Compared to the traditional trade financing products, currency swap financing boasts obvious advantages of low cost for financing, and could effectively improve the difficulty and high cost of financing for foreign-related enterprises. In recent years, the People's Bank of China, Qingdao Central Sub-branch vigorously provided financial support to the SCODA, actively explored new channels of cross-border financing, took initiative in guiding innovation of the financial products and services of commercial banks, and satisfied the companies' financing demand by adopting currency swap.