General Office of People's Bank of China, Questions Relevant to the Handling of the Letter of Credit and Letter of Guarantee Business by Foreign-funded Banks Circular
中国人民银行办公厅关于外资银行办理信用证和保函业务有关问题的通知
February 28, 2002 | BY
clpstaff &clp articles &Restrictions on the advance purchase of foreign exchange and on accepting renminbi payments when issuing letter of credit or letter of guarantee.
Issued: December 20 2001
Main contents: The Circular states that the prohibition on advance purchase of foreign exchange for letter of guarantee and stand-by letter of credit purposes continues to be valid (Item One). The Circular, however, permits purchase of foreign exchange for settlement of imports with a letter of credit (Item Two). Item Three of the Circular prohibits foreign-funded banks not allowed to engage in Renminbi business from taking Renminbi deposits from customers for issuing of letters of credit or letters of guarantee.
clp reference:3520/01.12.20promulgated:2001-12-20This premium content is reserved for
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