China coal trader introduces warehouse receipt pledge financing

TAIYUAN - China Taiyuan Coal Transaction Center has adopted new financial instrument for traders by introducing warehouse receipt pledge financing business.

The business aims to help traders reduce financing costs, improve financing efficiency, speed up cash flow, and better serve the coal industry chain on the real economy, according to the coal trade center based in Taiyuan, capital of North China's Shanxi province, one of the country's major coal producers.

Qu Jianwu, head of the coal trader, said that producers, administrators, and consumers of the coal industry could take full advantage of the trading center and the financial products and instruments it provided to deal with market risks properly.

China Taiyuan Coal Transaction Center is the first national coal trading center authorized by the State Council, China's cabinet. It started operation in February 2012.