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Daily trading volumes of the renminbi in the offshore spot market have shot up to about $1. 3bn, compared with almost nothing a year ago.

You know that the higher cost of credit, you can take the demand draft just as a one-off precedent.

It has just occurred to me that there is still another possibility to ensure a prompt delivery of the goods. L: And that is?

We have drawn you at sight a draft for the invoice value to be ~ed through the Bank of China.

Payment is to be made by irrevocable letter of credit payable against sight draft accompanied by a full set of shipping documents.

any draft payable on demand drawn by a banker upon himself, whether payable at the heAD office or some other office of his bank.

By order and for account of Mr. Satoh, I hand you enclosed a draft for $200, 000 at sight, which please pass to the credit of his account.

If the spot rate is higher than the commitment rate, the customer will exercise the commitment and the bank will suffer a loss.

In the case of sight credits, payment can be made promptly upon presentation of draft and impeccable shipping documents.