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Good Start for “Bank-to-bank Cooperation” Project in Foreign Exchange Business of Qingdao Rural Credit Cooperatives

2012-05-15 12:21:38

 

Under the conditon that nowadays, when there are more and more financial requirements of VIP customers, so do their ever-enhanced requirements of financial service quality, the bank-to-bank cooperation mode has become an important choice for various banks to achieve“complementary advantages, and common development”goals. Since this year, the whole city’s rural cresit cooperatives have actively launched bank-to-bank cooperation in terms of foreign exchange business, with over 10 such projects as export L/C notice, agent issuing of import certificate, overseas agent payment, and domestic L/C agent payment. By the end of August, there are totally ten inter-bank agent payments business under domestic L/C, with the amount near to RMB 400 million, driving $63 million amount of International settlement, achieving real income of $7.45 million; agent business for issuing import certificate of 333, with the amount of $134 million; notice for export L/C reaching 636, with $130 million; ten overseas paying agent businesses, with $7.79 million. Meanwhile, it also strengthens the cooperation with other financial institutions within the provincial rural credit system. By the end of August, the clearance of foreign currency capital transactions has reached 2560 within the provincial rural credit system, with the amount of $190 million, and more than 110 personnels from 25 county-level rural credit cooperative union has come to our bank for regular class and learning. Specific works includes the following:

 

First of all, signing cooperation agreement, standardizing business cooperation. Due to the limitations of capital scale, and low international reputaion, foreign exchange business cannot separate from the cooperation with domestic and overseas commercial banks, so do such businesses as issuing import certificate, and foreign exchange clearance, more in need inter-bank support. Therefore, it has signed more than 10 cooperative agreements of various businesses with Citibank, BOC, Qingdao Bank and others, striving for RMB 1 billion inter-bank line of credit to further lower the capital cost, thus promoting the development of foreign exchange business. Secondly, perfecting operation procedures, preventing cooperation risks. In order to be well-prepared with such business, by drawing on advanced experience of other banks, QDRCCU has formulated successively of five rules and regulations, including Announcement on the financial accounting of RMB Inter-bank Payment Agent business under domestic L/C, Announcement on the Enhancement of Inter-bank Deposit Management, Tentative Regulations on the Management of Import Agent Payment Business of Qingdao Rural Credit Cooperatives, which provides institutional security for inter-bank payment. Thirdly, intensifying professional training, and achieving common development. In order to improve staff’s professional quality of foreign exchange business, adopting the training mode of“introducing in and going global”, can enhance the inter-bank cooperation. In the first half of this year, 23 staffs have been selected to study in Shanghai Rural Commerical Bank, ICBC Qingdao branch, and BOCSD. At the same time, experts in foreign exchange industries are also invited to provide three sessions of training about the basic knowledge of foreign exchange business, and document manipulations, with over 200 participants.

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