China CITIC Bank launched seven measures to fully support the “stabilization of foreign trade” during the epidemic
CITIC Bank resolutely implements the implementation of national policy decisions and deployments. Under the guidance of the People’s Bank of China, the China Banking Regulatory Commission, and the State Administration of Foreign Exchange, seven major measures have been introduced to actively support the work of “stabilizing foreign trade” during the outbreak.  One is to cut fees and make profits.Significant reductions and exemptions on cross-border remittance fees, telegram fees, and announcement fees related to epidemic prevention and control; reduce corporate financial costs.  The second is the service process.Combined with the fund settlement needs of foreign trade companies, the online service process was optimized to improve the convenience of off-site and paperless business processing for customers.In the pilot areas of the policy, high-quality customers can submit cross-border settlement and transaction instructions through the CITIC Bank online banking system based on scanned copies of foreign trade contracts and bills.  The third is the settlement efficiency.Deepen cooperation with local customs and port offices, and provide foreign trade enterprises with fast and convenient cross-border settlement services online through the “single window” of international trade; at the same time, use the advantages of overseas institutions and global agency banks to launch “100 countries free exchange” products, To provide customers with more efficient small currency settlement services, to ensure that customers are free from the global trade channel of anti-epidemic materials.  The fourth is to serve small and micro enterprises.Upgrade the “settlement + Baixin financing” product with the related Internet bank Baixin Bank, and open a green channel for import and export small and micro enterprises.From the financing initiation, quota application, loan to account, foreign exchange collection and repayment, the whole process of online transactions, with borrowing and repayment, without any boycott guarantee, to solve the small and micro export enterprises financing “short and frequent” appeal.  Fifth, trade finance.Further expand branch authorizations (especially Wuhan Branch) and overall quota, accelerate the release of foreign currency loans, import and export bills and other products, and strengthen the relief of difficult enterprises; deepen the docking cooperation with China’s export credit insurance companies to insure export tradeEnterprises of insurance and other types of insurance expanded financing support.  Sixth, project financing.Strengthen overseas project contracting of “going out” enterprises and supporting financial services for the export of complete sets of equipment, especially financing support for key projects in countries along the “Belt and Road”, to undertake insurance for China ‘s export credit insurance companies, and bear overseas credit risk or specific contract insuranceThe project provides a green channel to provide multi-lingual and multi-currency foreign guarantee services for enterprises in the fields of bidding, performance, and prepayment.  Seven is the transaction service.The recent global epidemic has intensified, and the price of crude oil has fluctuated tremendously, which has brought a breakthrough to the global financial market.CITIC Bank uses traditional professional advantages in the foreign exchange field to reorganize and provide enterprises with rich exchange rate and interest rate risk management tools such as forward, swap, and expenditure; it replaces the “financing” for companies to provide global market analysis, product portfolio design, and foreign exchange policy consulting online 24/7″Intelligent” service to help enterprises effectively improve operational efficiency and control foreign exchange risks.