Citigroup Inc. (NYSE:C) Provides Alternatives To Latin America’s Trade With China – (C, BAC, HBC, JPM)
Citigroup Inc. (NYSE:C) being a top bank in Latin America has launched Renminbi Letters of Credits for Importers and Exporters (RMB LCs) to offer a trade services solution suite available in RMB. This new means would enable clients in Latin America to issue, receive and settle RMB denominated LCs with their Chinese trading partners whilst also giving clients new options for trade financing, trade processing and risk mitigation.
LCs retains its importance as the most utilized method to settle transactions in Chinese-Latin American trading activity even as trade flows between China and Latin America are progressively more diversified. The companies in Latin America with the help of Citi can now settle their trade transactions with their counterparties in China directly in RMB.
According to the latest closing data, Citigroup Inc. (NYSE:C) shares fell -2.24% to settle at price $24.82. Intraday trading appeared in a range of $24.61 – $25.53 while in period of a year the stock has floated within a range of $21.40 – $43.06. The last session’s volume of 38.79 million shares competed with an average daily trading volume of 40.45 million shares.
Let’s have look at its direct competitor, Bank of America Corp (NYSE:BAC) shares were down -1.71% to close at $6.90. The price was recorded in a range of $6.85 – $7.10 throughout the last trading session while in period of 12 months shares have been floating between $4.92 and $11.45. The last session’s volume of 163.82 million shares competed with an average daily trading volume of 191.35 million shares.
Another competitor, HSBC Holdings plc (ADR) (NYSE:HBC) shares in last session were +0.96% up breakeven line and closed at $39.06. The stock in last session traded in a range of $38.61 – $39.09 while in period of a year the stock floated within a range of $35.72 – $51.55. The last session’s volume of 2.10 million shares competed with an average daily trading volume of 2.30 million shares.
Turning to rival JPMorgan Chase & Co (NYSE:JPM), traded down -2.91% and price moved to $31.00. Intraday trading recorded price in a range of $30.83 – $32.17 while in 52 weeks price has been floating within a range of $27.85 – $46.49. The last session’s volume of 60.50 million shares competed with an average daily trading volume of 50.86 million shares.