Landmark renminbi move for Latin America

Citi issues first ever letter of credit in the region denominated in the Chinese currency, allowing a client in the Peruvian retail sector to 'significantly improve conditions for its imports'

Landmark renminbi move for Latin America
The internationalization of the renminbi has been something of an enigma since Beijing opened an offshore market in Hong Kong in 2010.

The internationalization of the renminbi has taken another big step forward with the issue of Latin America's first-ever letter of credit denominated in the Chinese currency,  Citi said on Monday.

In a statement, the US bank said it had issued the renminbi letter of credit for a Peruvian client in the retail sector, enabling it to “significantly improve conditions for its imports.”

Although banks in Latin America have long paid for...

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