Trading in China
If you’re importing from, or exporting to, China, your business needs to be able to trade in one of the world’s key currencies, the Renminbi (RMB).
The growth of the RMB internationally has created many opportunities for importers and exporters. At Bank of Scotland we offer a full range of RMB services to help you when trading with China.
Payments can be made on your behalf to mainland China and to offshore accounts.
RMB currency accounts
RMB currency accounts allow you to receive and hold Renminbi, pending currency conversion or subsequent outward payment.
Foreign exchange facilities
Manage currency risk, transact spot deals and bespoke currency risk management trades. We’ll work with you to develop a risk approach that works for your business.
RMB trade solutions
- If your Chinese supplier requires an RMB-denominated import letter of credit*, we’ll issue it locally. This solution provides you with the benefit of in-country document handling and checking.
- We can process RMB-denominated inbound documentary collections.
- We’ll provide RMB-denominated import loans* for agreed terms linked to your trading cycle.
- If you’ve arranged a letter of credit with your Chinese customer, our UK-based dedicated exporter support team will work alongside you to maximise the financial benefits and eliminate country, counterparty and bank risks.
- We can process RMB-denominated outbound documentary collections.
- We’ll provide RMB-denominated export loans* and discounts (i.e. make early payment on) bills of exchange accepted by Chinese importers and guaranteed by their bank.
- To help you win contracts in China, we’ll provide a full range of contract bonds and guarantees, including bid and performance bonds* and advance payment guarantees.
Further information can also be found in our Guide to non-Sterling Currency Accounts.
*Subject to status.