Commentary and Materials on the Chinese Supreme People's Court's Judicial Interpretations of Letters of Credit. \r
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Letters of Credit (LCs) are an important means of financing in international trade, and the international customs, practices and relevant laws governing them hold an important position in modern commercial law. LC business is mainly subject to the UCP published by ICC. Although the Uniform Commercial Code (UCC) of the United States has an article on the use of LCs that is very influential, national laws relating to LCs are rarely employed globally. In its efforts to develop international trade and banking cooperation and align itself with international standard banking practices, especially the legalization of LCs, China has followed a specific path of development. Even though China has not yet enacted any LC law by the People's Congress, over the past 20 years, the Supreme People's Court has promulgated a series of judicial interpretations, provisions, and meeting minutes which combine to form the legal authority on LCs in China.
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