Long the tool of choice in trade finance, fewer companies are using a letter of credit for its traditional purpose – but don't expect LCs to disappear any time soon.
*CFETS announces list of participants allowed in interbank RMB trading
*China issues rules to clean up P2P lending
*MAS proposes National Payment Council
*RBI announces rules on group exposure framework
The deal between the two payments systems could improve corporates' ability to manage renminbi, their relationships with suppliers, and lower the cost of renminbi transactions, market experts claim.