Small Businesses Are Learning to Capitalize on Devaluation of Chinese Yuan
Cathay Bank Uses its Deep Roots in International Banking to Support American Business Expansion in International Trade
November 4, 2015, Los Angeles
Cathay Bank, one of the leading banks headquartered in Los Angeles, announces a new outreach that will help small-to-medium sized American businesses. China’s central bank has devalued the Chinese Yuan to its lowest rate against the US dollar in almost three years. Cathay Bank is focusing on assisting businesses who wish to leverage these recent changes through international trade. Cathay Bank has an innate understanding of both the western and eastern cultures, local market knowledge and can customize loans for businesses that are sourcing or want to source from China.
Cathay Bank offers a unique advantage to clients through its suite of tailored international trade finance services which include:
Letter of credit and documentary collection services
Foreign exchange services
Foreign currency time deposit
Online banking services
Its international banking points of contact include over 50 branches in the US, more than 600+ correspondent relationships with banks around the globe, one branch in Hong Kong, and overseas representative offices in Shanghai and Taipei.
Equal Housing Lender
About Cathay Bank
Cathay Bank is a subsidiary of Cathay General Bancorp (NASDAQ: CATY). Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 33 branches in California, 12 in New York State, 3 in the Chicago, Illinois area, 3 in Washington State, 2 in Texas, 1 in Maryland, 1 in Massachusetts, 1 in Nevada, 1 in New Jersey, 1 in Hong Kong, and a representative office in Taipei and in Shanghai. Cathay Bank’s website can be found at www.cathaybank.com. FDIC insurance coverage is limited to deposit accounts at Cathay Bank’s U.S. domestic branch locations.