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.
*Chongqing and Singapore to seal deals worth $1.6 bln under third X-border initiative
*Indonesia eyes CCP establishment for derivatives by 2018
*China eases FTZ investment rules
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.