Tuesday 10 March 2015

China's international payments system is almost ready


From Business Insider -

“A long-awaited China International Payment System (CIPS) that would facilitate international usage of the yuan is ready and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.

The system, which would be a worldwide payments superhighway for the yuan, will replace a patchwork of networks and allow hassle-free renminbi transactions, greatly boosting the internationalization of the Chinese currency.”

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