The Shanghai branch of the Bank of Communications successfully completed Lin-gang Special Area's first bulk commodity bonded warehouse entrepot transaction on Oct 17, with a transaction amount of $4.254 million.

Trafigura Trading Yangshan Co Ltd, registered in Lin-gang Special Area, specializes in international trade of bulk commodities. Lin-gang Special Area encourages a new international trade model with both ends of the fund flow offshore and goods not entering the country. Trafigura has tried it, buying goods from a foreign trader and selling them to another foreign company, without the goods entering China's customs territory. The transfer of goods ownership was done through two-way cross-border fund receipt and payment.

After Lin-gang Special Area introduced the policy, the Shanghai branch of the Bank of Communications figured out client demands in a timely manner. It made full use of the special area's innovative financial policy to actively support the area in developing new international trade by providing enterprises with efficient and convenient financial services in truly legal entrepot trade transactions, further optimizing the business environment and satisfying clients' demand for cross-border settlement facilitation.