Confirmation of a Documentary Credit means that CEXIM adds its confirmation to a documentary credit at the authorization or entrustment of the issuing bank (the instructing bank).
After adding confirmation, CEXIM undertakes the primary payment obligation under the documentary credit.
Through utilizing our high credit rating, which is the same as China’s sovereign rating, can instructing banks benefit from our resources in international settlement and correspondent banking network so as to provide trade finance service to their customers.
Confirmation of a documentary credit occupies the instructing bank’s credit facility in CEXIM;
Documentary credits should contain clear and complete clauses instead of any soft clauses or clauses in breach of foreign exchange regulations in China, and documentary credits with threats to collection are unacceptable;
The beneficiary shall present documents to us and we will make payment to the beneficiary upon complying presentation.