The RMB International Letter of Credit business under the Cross-Border Inter-Bank Payments System (CIPS)'s was officially launched in the presence of related overseas branches of the five major Chinese state-owned banks, Standard Chartered Bank, HSBC, Kasikorn Bank, Brazil's Master Bank, and other foreign banks, as well as companies like China Minmetals and China General Technology Group.

The letter of credit is one of the most commonly used settlement methods in international trade. The CIPS international letter of credit service is an information service launched by the CIPS Co., Ltd. to facilitate market participants in conducting international trade settlements using RMB as the settlement currency. The launch of this business is of paramount importance for optimizing bilateral RMB trade settlements between China and regions worldwide.

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