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Foreign Exchange Incentives Worked out Aid Companies “Going Global”
- Details
- Category: Ningbo Business
- Published: Tuesday, 03 November 2015 09:37
“Deepening Foreign Exchange Financial System, Boosting Maritime Silk Road” activity was held successfully on Oct. 21. This activity attracts foreign exchange financial experts and over 400 managers from foreign trade companies to discuss the present exchange rate situation.
The Foreign Exchange Financial activity, cosponsored by The People’s Bank of China, Cixi Branch and Cixi SAFE( State Administration of Foreign Exchange), was included in Cixi Financial Service Festival & 2nd Investment Finance Festival in 2015. It’s reported that there are a few changes in foreign exchange policies about companies “going global” and local enterprises show an increasing demand for foreign exchange products. Cixi accelerates reform and innovation, builds overseas financial service platform to boost the regional economy and provide foreign exchange support for Cixi enterprises. The statistics from Agricultural Bank of China, Cixi Branch shows that the International payments and settlements is 3.64 billion USD, the cross-border RMB business is 2.23 billion USD, the exchange settlement and sales business is 1.84 billion USD and the total trade financing is 670 million USD from January to September in 2015. The business covers chemical fiber, machinery, home appliance and other industries. Meanwhile, Cixi Municipality also provides cross-border guarantee business for backbones that engaged in different industries to “go global”.
With the acceleration of enterprises participating in “Belt and Road”, the demand for cross-border financial transactions is becoming diverse and interacted. To accommodate “New Normal”, quite a few banks in Cixi cooperate with relative financing institutions abroad and in free trade zones, build platform for overseas financing and provide comprehensive services for enterprises “going out".
With the implementation of “Belt & Road” Initiative, developing into a new era, Cixi blue economy needs support from foreign exchange financial products of more flexibility and distinctiveness. Considering market demands, Agricultural Bank of China, Cixi Branch innovates foreign exchange products and promotes products in currency hedges, new trade finance and global cash management based on traditional insourcing & lending and refinancing products. For instance, to adapt to bidirectional fluctuation, Cixi Branch promotes currency hedge products including share options positively and provides new choices for customers.
