First Ukrainian International Bank (FUIB) has opened a correspondent account in the Chinese national currency – Yuan. This extends the capabilities of companies, trading with China, to manage their currency risks. According to the requirements of the National Bank of Ukraine, all exporters must sell their currency earnings within 3 working days. Due to currency fluctuations, many exporters lose part of their income. However, the requirements of the National Bank do not apply to export earnings received in the Chinese national currency – Yuan.
"In the external economic settlements Chinese companies usually use the US dollar, but thanks to the discovery of a swap line with China at the beginning of this year, now settlements can also be performed in the Chinese currency. If your bank has a correspondent account opened in Yuans, you can receive payments in Yuans. FUIB, for example, has such a correspondent account. This allows our customers to sell their goods for Yuans, leave them on their accounts and then buy any currency for them at the right time, and thereby minimize their risk in currency exchange transactions," said Oleksiy Volchkov, FUIB's Deputy Chairman of the Board of Corporate Business.
Export to China is interesting for Ukrainian companies not only because of its potential of domestic products consumption, but also because of the fact that an exporter can keep their trade receipts in currency. In early 2015, the governments of Ukraine and China have agreed on the implementation of a swap line amounting to $2.4 billion. A swap line is an agreement between two central banks of different countries on the mutual exchange of currencies at fixed rates.
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