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Citi issues yuan-backed letter of credit in Peru
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Citigroup issued the first letter of credit denominated in the Chinese yuan in Peru, making the US-based bank the first issuer of such trade finance instrument in Latin America, the lender said in a statement.
“This is a way for us to offer added benefits to our clients who trade with China,” Mauricio Schwartzmann, head of treasury and trade solutions at Citi Peru, said in a statement yesterday.
Letter of credit is one of the most commonly used payment methods by Latin American companies that trade with Chinese companies.
The lender said it started to make payments in yuan for clients in Latin America in 2011 followed by the Chinese government’s preliminary efforts to make the yuan global.
China is Peru’s second largest trading partner with commercial ties totaling US$8.3 billion by July. Trade between China and Latin America grew 8 percent to more than US$255 billion in 2012 from a year earlier.
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