China's long-awaited international payment system to process cross-border yuan transactions is ready and could launch by year-end, Reuters reports, citing sources with direct knowledge of the matter.
Payment System (CIPS) will open the way for the yuan to go international and increase its global usage by cutting transaction costs and processing times.
"The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks," said a senior banking source who is involved in the matter.
"The official launch will be in September or October, depending on the results of the testing and preparation," the source added....Reuters
Exclusive: China's international payments system ready, could launch by end-2015 - sources
Michelle Chen And Koh Gui Qing
Michelle Chen And Koh Gui Qing
3 comments:
The pace of change in the world (or perhaps better termed as the world-order) seems breathtaking these days.
Next the knives come out.
All these threats to national security... hurray!
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