Business Services Industry
China Business, Currency and Foreign Exchange
China Business, April, 1995
China Business 04-30-1995 CURRENCY & FOREIGN EXCHANGE International Payment Instruments China does not subscribe to the International Chamber of Commerce (ICC) Uniform Customs and Practices for Documentary Credits, the international standard for payment instruments and procedures. However, it normally follows these conventions.
Chinese sellers will generally accept only confirmed, irrevocable letters of credit (L/C) at sight. If they have a long-standing relationship with the buyer, sellers may grudgingly accept documents against acceptance (D/A) or documents against payment (D/P) arrangements. Unless arranged otherwise in advance, any costs associated with the operation of payment instruments - advisories, negotiation, cables, confirmations, or...
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