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PSBC underwrote the first batch of standardized negotiable instruments in China
PSBC underwrote the first batch of standardized negotiable instruments in China
| China Post |2020-08-07

Recently, the Postal Savings Bank of China (PSBC) and Haitong Securities Co., Ltd. (Haitong Securities) jointly underwrote and successfully issued the first batch of standardized negotiable instruments in China —"2020 first issue of Qilu Transportation Development Group standardized negotiable instruments by Haitong Securities" , benefiting 10 suppliers of micro, small and medium-sized enterprises (MSMEs) in the upstream of the core enterprise, and supporting the MSMEs to obtain a total of 24.87 million yuan (about $3.58 million) bill financing.

In order to regulate the financing mechanism of standard negotiable instruments and better serve the financing of MSMEs and the development of supply chain finance, the People's Bank of China formulated the administrative measures for standardized negotiable instruments, which came into effect on July 28 this year. PSBC is one of the first commercial banks in China issuing standardized negotiable instruments. The underlying assets of the Qilu Transportation Development Group standardized negotiable instruments are the undiscounted commercial acceptance bills issued by Qilu Transportation Development Group Co., Ltd., and the issue price is 97.5675/ hundred yuan per piece. With the low financing rate, it can effectively facilitates the enterprise to reduce its financing costs.

Since the beginning of this year, PSBC has responded actively to the requirements of the central government and made every effort to ease the financing difficulties of MSMEs, thereby underwriting and issuing the first batch of standardized negotiable instruments after the above mentioned administrative measures took effect. In the future, PSBC will continue to fulfill the responsibilities of a big State-owned commercial bank, further promote innovative services such as standardized negotiable instruments, and continue to provide efficient and high-quality financing services for the development of the real economy, injecting new impetus into the stabilities of enterprises and employment.

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