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Import Hui Li Da


 

Introduction

Import Hui Li Da refers to the business under import settlement that Bank of China handles import bill advance or financing under outward remittance (hereinafter referred to as import financing) and makes foreign payments for the customer who has made application and submitted margin or RMB term deposit receipt as pledge. Meanwhile, the customer is required to handle a forward sale of foreign exchange in Bank of China and to repay the import financing amount when Bank of China returns the margin or delivers the RMB term deposit receipt. The business consists of three parts: margin or RMB term deposit, import financing and forward sale of foreign exchange.

Functions

Importers can save the cost of foreign exchange purchase as seizing on the RMB appreciation tendency and ascertain the profits in advance in executing a transaction through the product.

Features

Import Hui Li Da is a peculiar and widely-used trade finance product launched by Bank of China in order to help importer grasp the favorable opportunities in foreign exchange market and control financial cost when trading. By combination and employment of trade finance and relevant foreign exchange transactions, the product is able to help importer change the time point of payment without extra credit extension, processing procedure and risks, save cost of foreign exchange purchase by making full use of the changing trend of foreign exchange market to add profits to customers' business.

Interest Rate

Trade finance interest rate shall be handled in accordance with the interest rate set by Bank of China.

Target Customers

Importers who wish to avoid exchange rate risk and save cost of foreign exchange purchase as the RMB sees a tendency to appreciate.

Application Qualifications

1. The business license of enterprises legally approved, registered and annually checked and other valid certifications sufficient to prove the legitimacy and scope of its operation;

2. Loan cards;

3. The account opening permit and a settlement account with Bank of China;

4. The qualification of import and export operation;

5. A credit line in Bank of China;

6. No bad credit records in Bank of China or other financial institutions.

Process

1. Before handling the import Hui Li Da business, the importer shall sign with Bank of China the General Agreement on Forward Settlement and Sale of Foreign Exchange, RMB and Foreign Currency Swap and submit enough RMB margin or RMB term deposits receipt as pledge. The importer shall sign with Bank of China the General Agreement on Margin Pledge in case of handling the import Hui Li Da business under margin pledge.

2. The importer shall submit the application for forward sale of foreign exchange (exclusively for import Hui Li Da) and other required materials of trade settlement and sale of foreign exchange for each transaction. Bank of China will check the relevant materials and then sign the Import Financing Contract with importer.

3. After import financing, Bank of China will make foreign payment following the customer's instruction.

4. On the settlement date of forward sale of foreign exchange, Bank of China will return the RMB margin or deliver the funds pledged under the RMB term deposit receipt. The remaining balance besides the RMB amount that is used for repayment of the principal and interest of import financing, if any, shall be returned to the customer.

Our Advantages

With the well-recognized advantages of talents, technology, brand and products in trade finance field, Bank of China puts forward the import Hui Li Da business which has integrated all these advantages to help importers prompt business development and then improve their profits.

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