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Today, the China Banking Association announced the successful launch of the Forfaiting business on the CTFU platform. The verification of the forfaiting transaction business was completed in cooperation with the Industrial and Commercial Bank of China and the Bank of Communications. It is another formal operation of the business following the inter-bank domestic letter of credit. Forfaiting refers to the behavior of the export-side bank to buy out the forward notes under the letter of credit. Generally, the negotiating bank's non-recourse buy-out permit bank accepts the forward bills provided by the exporter. At present, the Forfaiting secondary market has become one of the main ways for banks in China to borrow funds from each other, with a large amount of funds, frequent transactions, and a high degree of marketization. The China Banking Association established the "China Trade Finance Cross-Bank Trading Blockchain Platform" (CTFU), which is committed to the standardization, electronicization and intelligence of interbank trade financial product transaction information, and to create a new trade finance ecosystem for the industry.
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