It was reported that Hunan Jinwang Bismuth Co., Ltd. signed "frame agreement on the cooperation of comprehensive management of foreign exchange funds and short-term outstanding external debts" with ICBC Chenzhou Branch, CCB Chenzhou Branch and Bank of Communications Chenzhou Branch on June 12, 2015. According to the agreement, Jinwang Company gained an index of $50million outstanding external debts.

Followed the agreement, the three banks would allocate financing of short-term outstanding external debt for the company and handle the pilot comprehensive operation of foreign exchange funds in the company to expand the financing channel. Jinwang Bismuth became the first and exclusive enterprise of Chenzhou city which gained the index of short-term outstanding external debts. It was also one of the first batch municipal level enterprises which were approved to be with the policies of pilot comprehensive operation of foreign exchange funds in Hunan province.

Short-term outstanding external debt refers to the outstanding external debt which is with one or less than one year repayment period. Index of short-term outstanding external debt refers to the superior limit capital of the outstanding external debt available for the debtor- the balance for the debts borrowed and paid-off. There are three advantages for the short-term outstanding external debt: it does not take the proportion of credit of the commercial banks, which helps to provide high efficient method for exterior financing of the enterprises; it helps to decrease the financing cost of over 3%; and it creates sound condition for regional commercial banks to obtain foreign capitals and carry out the financing businesses.

In recent years, the State Exchange Administration Bureau Chenzhou Central Branch took active actions to obtain more national favorable exchange policies and carried out different cooperation with Chenzhou commercial banks. From 2015, in order to solve the financing problem of non-ferrous metals enterprises of Chenzhou city, it held some cross border financing training courses and obtained the policy supports from Hunan Provincial Exchange Administration Bureau to grant the $50 million index of short-term outstanding external debt for Jinwang Bismuth.

Zhang Aiguo- Member of Chenzhou Municpal Party Committee Standing Committee and Deputy Mayor of Chenzhou attended the signing ceremony.