CHINESE BANKS
May 1st, 2003
BY KEITH NUTHALLTHE INTERNATIONAL Maritime Bureau (IMB) of the International Chamber of Commerce has claimed that a growing number of Chinese banks are unnecessarily rejecting valid banking documents, hindering the import of steel into the country.It says that the value of rejected documents relating to steel shipments into China has now exceeded US$100 million. The losses mainly concern letters of credit payable at sight or deferred for a maximum of 90 days.Said IMB director Captain Pottengal Mukundan: "A rash of Chinese banks appear to be disregarding the ICC's ...
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