China’s yuan slips to 7th place in global trade finance
China’s yuan slipped to the seventh-most actively traded currency in the league tables for global trade finance, transaction service provider SWIFT said. A struggling overseas offshore market in the renminbi has hurt the usage of the Chinese currency in global trade in recent months and the latest ranking is yet another indicator of the bearish sentiment surrounding the currency by global companies.
Source: Economic Times: http://economictimes.indiatimes.com/markets/forex/chinas-yuan-slips-to-7th-place-in-global-trade-finance/articleshow/58834678.cms
UN to review “chronic” trade finance gap
The United Nations (UN) has committed to review the trade financing gap and its underlying causes as part of its annual assessment of progress in mobilising finance to support sustainable development. According to the ICC, the “chronic” shortfall has come about largely on the back of the unintended effects of global financial crime regulation.
Source: Global Trade Review: http://www.gtreview.com/news/global/icc-calls-for-un-action/
ICC welcomes enhanced focus on trade finance in UN Financing for Development review
The International Chamber of Commerce (ICC) has welcomed official recognition of the estimated US$1.6 trillion trade financing gap in the United Nations’ (UN) annual Financing for Development (FfD) review.
Source: International Chambers Of Commerce: https://iccwbo.org/media-wall/news-speeches/icc-welcomes-enhanced-focus-trade-finance-un-financing-development-review/
ADB Adds 2 More Vietnamese Banks to Trade Finance Program
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and two Vietnamese banks — An Binh Joint-Stock Bank (ABBANK) and Tien Phong Commercial Joint-Stock Bank (TPBank) — today signed agreements enabling the program to provide guarantees of up to $50 million annually to support trade finance in Viet Nam.
Source: The Financial: http://www.finchannel.com/business/65144-adb-adds-2-more-vietnamese-banks-to-trade-finance-program
Bangladesh seals trade finance loans
Two banks in Bangladesh have borrowed money from international development banks in order to provide trade finance locally. In separate transactions, the Asian Development Bank (ADB) and International Finance Corporation (IFC) extended loans to commercial banks in the promising South Asian economy, for the purpose of on-lending to their local clients.
Source: http://www.gtreview.com/: http://www.gtreview.com/news/asia/bangladesh-seals-trade-finance-loans/
Goldman Sachs mulls shift into trade finance
In the post-crisis world, Goldman Sachs is not seeing the growth it wants from the businesses for which it is best known – investment banking, trading and managing money for the wealthy – so it is considering expanding into new areas, including trade finance, The Wall Street Journal reports.
Source: https://www.fnlondon.com: https://www.fnlondon.com/articles/goldman-mulls-shift-into-trade-finance-20170502
Steel maker ArcelorMittal SA closes R4.5bn loan facility
ArcelorMittal SA has closed a revolving R4.5bn structured commodity-trade finance facility over 36 months to finance working capital, as part of its balance sheet restructuring.
Source: https://www.businesslive.co.za: https://www.businesslive.co.za/bd/companies/industrials/2017-05-25-steel-maker-arcelormittal-sa-closes-r45bn-loan-facility/
Note: Adam Smith Associates Pvt Ltd is a leading Trade & Commodity Finance service provider in India with presence in Asia, Middle East & West Africa. The above content is purely for information and has been sourced from different online portal for information purpose only.