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Center to Encourage Bill Business
China's first specialized banking and commercial bills transaction center was set up Thursday (November 9) in Shanghai by the country's largest commercial bank, the Industrial and Commercial Bank of China (ICBC).
Approved by the central bank, the People's Bank of China, the center will provide services including discounts, rediscounts and buy-back of banking remittance bills and commercial remittance bills. It will also take care of commercial bills entrusted to it and conduct other businesses permitted by the central bank.
"Setting up the center is significant in developing China's credit information system and widening the financing channel for banks and companies," Jiang Jianqing, ICBC President was quoted as saying by Friday's Chinadaily.
Bill centers have specialist services which will gather information and train staff to evade financial risks.
The center could give a strong boost to China's still immature bill market by attracting more companies make use of the service. Meanwhile commercial banks can improve their management systems and the quality of their assets. Business can seek more short-term financial tools, according to Jiang.
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