Citigroup introduces RMB letters of credit

Citigroup introduces RMB letters of credit
Citigroup Inc introduced RMB-denominated letters of credit for importers and exporters in Latin America, showing the US-based bank's eagerness to cash in on the current initiative to make renminbi a global currency. The new product allows traders in Latin America to work with partners in China to issue, receive, and settle RMB-denominated letters of credit. In 2011, trade between China and the region increased by 32.3% year on y earto reach US$ 236.6  billion, according to data from the IMF. 

China, the world’s 2nd largest economy, continues to be the most important market for companies looking for growth and Chinese companies continue to globalize by investing and selling their products in new markets; what is your company’s strategy for engaging China?

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