Guizhou issues its first international letter of credit

The Guiyang branch of Postal Savings Bank of China in Southwest China's Guizhou province recently issued the province's first international letter of credit for a Guiyang-based bulk commodity export trade company.

When the bank learned about the company's urgent need of an import letter of credit to purchase manganese ore from foreign companies, it immediately sent staff members to collect application materials, completed the application process, and signed contracts both online and on site.

It took only four days to issue the letter of credit worth $5.85 million.

The international letter of credit is a settlement tool widely used by domestic and international import and export customers. It is issued by banks according to customers' requirement, and provides short-term financing or credit facilities related to the import and export business settlement.

During the application process for a letter of credit, banks can provide corresponding financing products to reduce the customers' tied-up funds and guarantee the goods trade.

In the future, the Guiyang branch of Postal Savings Bank of China will continue to provide online, intelligent and convenient financing services for foreign trade companies, and provide more professional support for local companies to go international.