April 19, 2024
Finance
Woori offers W85b credit facility in China
[THE INVESTOR] South Korea’s Woori Bank said on March 29 that it has offered a won-denominated letter of credit worth 85 billion won (US$76.20 million) to some Chinese banks.
The facility allows South Korean firms doing businesses in China to help ease their risks related to foreign currency fluctuations, Woori Bank said in a statement.
Using the credit facility, a South Korean firm can swiftly receive a payment with the Korean currency when it exports goods to a Chinese firm.
An official at Woori Bank said the won-denominated letter of credit would significantly reduce the cost of currency risk for South Korean firms.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The facility allows South Korean firms doing businesses in China to help ease their risks related to foreign currency fluctuations, Woori Bank said in a statement.
Using the credit facility, a South Korean firm can swiftly receive a payment with the Korean currency when it exports goods to a Chinese firm.
An official at Woori Bank said the won-denominated letter of credit would significantly reduce the cost of currency risk for South Korean firms.
By Alex Lee and newswires (alexlee@heraldcorp.com)
