breezin_nyc good DD
Don't know what your occupation is but by your posts you seem to have a lot of knowledge with the EFGO Check 21 Business System related to the banking industry and it's potential in China.
Good work breezin.
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kindo
I am an officer in a bank and I will say this. If the Check 21 in China does pan out it will be huge. Even if they only got .1% thats right point 1 percent that would be $1,000,000 revenue on a Billion dollars of check transactions. I would venture to guess that China has to process at least a Trillion dollars in checks each year. That would be like a billion in revenues and if you said ok figure only 1/10th of that and that would be $100,000,000. So if these guys are close to doing this, which I hope they are, that would be great!
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breezin nyc
Thanks for your post and for seeing the enormous opportunity.
As of the end of Sep 2007, China has $1.41 trillion (total denominated in USD) in foreign exchange reserves with approx 70% of that figure held in actual USD's.
"The US dollar (US$) dominates global cross-border payments and is estimated to be the settlement currency for 70 per cent of the world's trade.
Banks in Hong Kong, Japan, Korea and Taiwan confirm payments to China, which are primarily denominated in USD, make up 25-40 per cent of their overall payment volume."
That said, we've been grappling with the actual number of USD-denominated checks flowing into and out of China, as well as within China and between China and Hong Kong.
As a banker, do you happen to have access to the latest Red Book(s)? As you may know, the Red Book refers to the "publication on payment and settlement systems in selected countries – the CPSS countries."
Unfortunately China isn't a CPSS country, but HK is and we may be able to extrapolate any USD-check figures.
One would think that the Federal Reserve would have international USD-check statistics, but noooooo, unless I'm missing something.
If possible, thanks. If not avail, NP.
GL
