Daewoo International Corporation (DWI) has appointed HSBC for a renminbi (RMB) export documentary credit (DC) forfaiting in Korea. With increasingly more buyers requesting to settle their transactions in RMB, DWI is now able to offer their Chinese buyers the option for RMB settlement, giving them an advantage over their competitors throughout the bidding process. Buyers will also be able to reduce currency hedging and FX costs, while diversifying their currency portfolio and enjoying a longer tenor of financing versus US dollar tenor, with a lower rate.
Sung Soo HAN, director of foreign exchange (FX) and trade finance team, DWI, said: “HSBC Korea offered us RMB solutions at the right time and with the most competitive package. HSBC is the leading bank for RMB trade finance in Korea and continuously demonstrates excellence in client service. We are delighted to bank with HSBC, especially for this landmark RMB transaction.”
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